GBP/USD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Cable managed to pierce through a number of crucial supports on Monday and Tuesday. As a result of that, GBP/USD is already testing the lower trend-line of the bullish pattern, and there is a risk that it will be breached in the nearest future. The only support is offered by daily S2 at 1.5432. On the other hand, weekly pivot point and moving averages, which are placed above the spot price, will create additional bearish pressure on the pair. In case the Cable continues to fall, we will expect the weekly S1 at 1.5357 to try and stop the sell-off. In the meantime, technical indicators are mixed on all time frames, while even a slight majority of traders (54%) is holding long open positions.

© 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.