GBP/USD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since early July the British Pound has been trading mostly higher against the U.S. Dollar; however, the distinct upside trend appeared only in early January when the currency pair expedited its advance. The upswing has been developing within the 53-bar long channel up pattern that took the pair to more than a three-year high of 1.6659 on January 24.
Despite being tilted upwards for after a recent drop to the pattern's support, the pair is expected to change its direction in the hours to come as suggested by the SWFX showing more than 54% of traders hold short positions.
© Dukascopy Bank SA
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