GBP/USD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Cable has recently formed a bullish channel, and at the moment it is attempting to exit the trading range the price has been fluctuating within since mid-March. Still, there is a significant chance the upper limit, namely resistance at 1.50, is not going to be broken, despite the pattern and the majority of ‘buy' signals on the four-hour chart. If the bulls are successful, the near-term target will be 1.51, while in the longer run the Sterling may well re-test the Feb high at 1.5550. On the other hand, if the rising support trend-line at 1.4950 is violated, the sell-off may well extend down to 1.4584, though we can expect the 200-hour SMA at 1.48 to act as a floor as well, since it is reinforced by the daily S3.
© Dukascopy Bank SA
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