GBP/USD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Cable is receiving demand in face of the 100-hour SMA, which is placed around the weekly R1 at 1.4342. Both of them are provided with extra help from the daily PP and 55-hour SMA, and this is the major headache for GBP/USD's bears. As for more upside risks, the technicals are giving positive signals and the SWFX market sentiment is relatively bullish (56%). However, the long participants are exposed to noticeable risks as they will inevitably hit the strong bearish momentum at 1.4460. Here the pattern's uptrend is strengthened by the weekly and daily R2s at 1.4473 and 1.4494, respectively. By spiking above this area, the Sterling will be positioned for a rally up to the March peak at 1.4515.
© Dukascopy Bank SA
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