GBP/USD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Cable in on the verge of breaching the upper edge of the bearish channel pattern. It has been testing the trend-line since September 8, and we expect the bullish market participants to finally push the Sterling upwards versus the American Dollar. Positive momentum should be provided by the weekly R1, daily S1 and 55-hour SMA on Thursday. In addition, bearish case is  becoming even less likely, when we are taking into account other supports within the pattern (SMAs, weekly PP). Market sentiment among SWFX traders is slightly bullish (53%) at the moment. On the other hand, technical studies are giving completely mixed signals on different time frames right now.

© Dukascopy Bank SA
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