GBP/USD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The British Pound is in a good position to advance against the US Dollar. First, GBP/USD has been fluctuating within the boundaries of a bullish channel for the past two weeks. Secondly, the currency pair is facing a dense cluster of supports around 1.5650. Apart from the trend-line, demand here is also implied by the 200-hour SMA and the weekly pivot point. However, we should be wary of the supply at 1.5724 (Aug 21), which has already stopped several attempts of the price to recover. Above this barrier the Sterling is likely to aim for 1.58, where the currency is supposed to meet the upper edge of the channel. In the meantime, the sentiment is neutral: 49% of positions are long and 51% are short.
© Dukascopy Bank SA
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