GBP/USD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Despite a seemingly strong upward momentum we had been observing since the beginning of April, GBP/USD has broken out of the channel to the downside. However, it is still too early to say that the bulls have completely lost control of the pair. The volume was relatively low during the sell-off, and the long-term SMA is still below the spot price, meaning the reversal has not yet been confirmed. In order to invalidate the positive outlook the exchange rate will have to close below a cluster of supports around 1.51, where the weekly S3 merges with the monthly pivot point and May low. In this case the first target will be the monthly S1 at 1.4781, followed by the April low at 1.4567.
© Dukascopy Bank SA
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