GBP/USD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
GBP/USD has already retreated four figures after getting close to 1.72 and may give up even more ground, since there is a bearish channel emerging on the chart. Moreover, most of the four-hour and daily technical indicators are pointing South, suggesting the sell-off is not yet fully exhausted and a reversal is unlikely.
The British Pound is inclined to slide from 1.6850, to go through the Aug 1 low at 1.6813 and to reach the lower edge of the pattern at 1.6759, which is reinforced by the weekly S1 level. There we may expect an upward correction within the channel before the currency pair makes an attempt to re-test June and May lows close to 1.67.
© Dukascopy Bank SA
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