GBP/USD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Cable will shortly approach the upper edge of the channel down pattern, meaning we are likely to observe some selling pressure near 1.43. One more bullish obstacle is represented by the 200-period SMA at 1.4267. According to the 4H technical indicators, the latter resistance is unlikely to contain the purchasing activity, while some weakness is estimated on daily and weekly bases. However, SWFX market sentiment is 56% long at the moment, meaning we are not ruling out a spike above 1.4345 where the upper trend-line is located right now. However, to confirm the pattern to the upside the Pound Sterling should also eliminate the first monthly supply at 1.4446, followed by weekly R2 at 1.4518.
© Dukascopy Bank SA
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