GBP/USD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
GBP/USD has been in a strong down-trend for quite a while now, namely since the last quarter of the previous year. However, despite the currency pair forming a bearish channel, the prospects are ambivalent, considering that the technical indicators do not support further depreciation of the Sterling and the price is approaching a significant support level at 1.4566, represented by the 2015 low. Still, as long as the falling resistance line (currently at 1.47) remains intact, the bias is negative, and a close beneath 1.4566 will confirm the bearish outlook. At the same time, above 1.47 the Cable should target the 200-hour moving average, which is presently found at 1.4767.
© Dukascopy Bank SA
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