GBP/USD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
In the second part of January, GBP/USD halted its appreciation near a three-year high of 1.6670. Since then, the pair has been performing a sharp decline within the limits of almost 200-bar long channel down pattern.
Now the currency couple is trading above its 200-hour SMA, albeit slightly. The pair is locked between the long-term SMA and the pattern's upper boundary but given bearishness in the market (61.85% of all orders are placed to sell the pair), the 200-hour SMA may fail to prevent a drop which is likely to take place in the hours to come.
© Dukascopy Bank SA
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