GBP/USD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Despite previous bullish signals on the hourly time-frame, GBP/USD entered a bearish market and stuck around the ultimate bottom of 1.1996 it had established mid-January. The pair is currently in a ranging motion which is likely to fade soon, and, while inconclusive, a rally will most likely push towards 1.2427, the immediate resistance. The pair will ultimately target the upper trend-line around 1.2487, but encounter a set of tough areas that are unlikely to let through without stealing some momentum. Contrarily, a dip is still possible due to the inconclusive nature of the previous bottom boundary test, meaning that 1.2377, the trend-line and daily S3 cluster would cut the motion from below.
© Dukascopy Bank SA
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