GBP/USD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
In addition to successful upside rebound from the lower trend-line of the bearish pattern, the Cable has just recently managed to cross a strong resistance line, which is represented by weekly and monthly pivot points around 1.52. These technical levels are getting ready to push the British Pound further to the north. The closest supply zone is represented exactly by pattern's upper boundary and weekly R1 at 1.54. Therefore, we see no major obstacles that can stop bulls from completing their mission of sending the pair some 200+ pips higher. Meanwhile, even though 4H technical studies are slightly bearish, 52% of SWFX traders are holding long positions on the British currency.
© Dukascopy Bank SA
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