GBP/USD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Pound might soon get a pause against the US Dollar, as, in accordance with the technical situation, the currency exchange rate is about to begin a medium term surge. For now the currency pair is trading in two channel patterns, as the rate approaches the lower trend line of the dominant channel. It is most likely that the currency pair will rebound near the 1.2185 level, as at 1.2187 the lower trend line of the large scale descending channel was located at, and at 1.2184 the weekly S1 is located at. These support levels combined will provide the needed support to change the rates direction.
© Dukascopy Bank SA
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