GBP/USD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
At the moment GBP/USD is forming a bearish channel on the hourly chart, meaning the Sterling is likely to keep underperforming for now. The ‘sell' signal is also reinforced by the fact that the currency pair has just confirmed presence of the supply area around 1.5580, consisting of various resistances, including the weekly PP, down-trend line, 200-hour SMA and Dec 29 high.
However, on the longer-term time-frames GBP/USD appears to be forming a falling wedge, and it is currently closing in on the lower boundary of this pattern, meaning the downside potential may be limited by the support at 1.5480.
© Dukascopy Bank SA
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