GBP/USD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
After trading near a five-year high of 1.6824 during more than a month ended on March, GBP/USD commenced to pare gains and on March 13 the pair entered a bearish corridor that sent it to more a one-month low of 1.6460.
Now the pair is vacillating close to the 50-hour SMA at 1.6490 and may trade sideways in the foreseeable future as neither market players nor technical data provide a clear view on the future direction of the pair. The proportion of long positions to the short ones is almost 1:1, according to the SWFX numbers, while technical indicators are sending neutral signals for medium and long terms.
© Dukascopy Bank SA
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