GBP/USD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
When we discussed the Cable last time, this currency pair was nearing the bearish channel's upper boundary. Since then the Pound has successfully bounced off the red trend-line to continue losing ground against the Greenback. The pair remains overbought, according to 66% of SWFX traders who are keeping long open positions. Given that 4H and daily technical indicators are pointing to the downside, the Cable has all opportunities to depreciate further. The first major support to test is weekly S1 at 1.4112, followed by Jan 21 low at 1.4080. Success here will imply more losses for GBP/USD, with the target at 1.3960 (weekly S2 and green trend-line).
© Dukascopy Bank SA
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