GBP/USD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
GBP/USD has been in a distinct down-trend since Feb 26. However, the currency pair is closing in on the 2013 low at 1.4815, which substantially increases the upside risk. If, as a result of the test of this support, the Cable closes above 1.4960, we will expect the Pound to appreciate more. Though there are a couple of tough resistances, such as the Mar 12 high at 1.5030, the 200-hour SMA at 1.5136, and the weekly pivot point at 1.5170, that may stop development of the rally. Nonetheless, the base case scenario is that the rate will eventually fall beneath 1.4815 and will carry on moving south. The SWFX traders' sentiment is slightly bullish: 54% of open positions are long.
© Dukascopy Bank SA
Back to articles

Actual Topics

Subscribe to "Fundamental Analysis" feed

Subscribe
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.