GBP/USD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
All last week's attempts of the Sterling to bounce back from the upper trend-line of pattern were negated by a support level of 1.52. As a result, the Cable was forced to return back towards the 1.53 mark. However, while trading in the upper part of the bearish channel, negative risks are rising. Strong downside momentum is likely to be created by a dense cluster of supply levels around 1.53 (weekly PP; 200 and 100-hour SMAs). In case they succeed, the pair will refocus its attention to the next major support at 1.5151 (weekly S1), followed by the pattern's lower boundary at 1.4995. However, while bearish development is supported by daily technical indicators, sentiment on the Pound remains bullish (60%).
© Dukascopy Bank SA
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