GBP/USD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The British Pound has been extraordinary upbeat in the last few weeks. As a result of that, the Cable created a bullish channel on the 4H chart. However, the pattern's resistance has just been approached. In case bulls fail to send the Sterling above 1.5820 in the next 24 hours, a probability of the bearish correction may increase considerably. A decline of the pair would initially target on the May 8 high at 1.5523, and later bears are likely to focus on the 55-day SMA at 1.5394. However, a bullish break-out will confirm positive intentions to drive the pair as high as 1.6050 (monthly R2). In the meantime, technical studies are undecided, while SWFX traders are marginally (55%) short on the Pound.
© 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.