GBP/USD 4H Chart: Double Top

Source: Dukascopy Bank SA
© Dukascopy Bank SA
During two weeks ended February 18, the British Pound was on the rise against the U.S. Dollar; the rally was halted at a five-year high of 1.6822 that acted as a peak of the 137-bar long double bottom pattern.
Now GBP/USD is faltering between its 50-and 200-bar SMA, with the long-term SMA sitting close to the neck-line at 1.6589 and representing the key support level, a drop below which would signal a bearish breakout. However, the pair seems to be unwilling to depreciate in the hours to come that is bolstered by the SWFX data-more than 57% of market players are bullish on the instrument.
© Dukascopy Bank SA
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