GBP/USD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since the last time we reviewed GBP/USD, the currency pair has effortlessly broken through the 2010 low and thus has confirmed its intention to go lower. The bearish outlook is also suggested by the fact that the Sterling is overbought in the SWFX market—70% of positions are long. The next major objective is now the 2009 low at 1.35. In the meantime, the Cable is expected to bounce off of the falling trend-line and slide down to 1.4050, where it is going to meet the lower boundary of the pattern and the monthly S3 level. Alternatively, in case the rate rises past 1.4230, we will expect a rally up to resistance at 1.4390, created by the monthly S2 and weekly PP.
© 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.