GBP/USD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Even though the length of this channel up pattern is only 80 bars, both trend-lines forming it were confirmed on a sufficient amount of occasions to call them reliable, at least in the short term. Indicators on the 4H chart are also suggesting there is going to be a rebound.
However, according to the daily signals, the lower boundary of the corridor at 1.5126 is about to be broken. This in turn will imply a subsequent dip down to 1.5063/45, where the 200-hour SMA currently stands. In the meantime, a majority of SWFX market participants are bullish on the Cable—64% of open positions are long at the moment.

© Dukascopy Bank SA
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