GBP/USD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
GBP/USD has been following a bearish trend since mid-July when one of the most traded currency pairs attained 1.7192, the highest level since at least 2009. As a result, the currency couple shaped a 188-bar long channel down pattern, inside which it is trading at the moment.
Now the pair is vacillating between the 50-hour SMA at 1.6982 and a one-month low of 1.6963. It is hard to determine the future direction of the pair given neutral sentiment on the SWFX. Meanwhile, technical data alludes the pair may preserve its downside trend, sending ‘sell' signals for short and long terms.
© Dukascopy Bank SA
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