GBP/USD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The near-term outlook is bullish. A case of a decent rebound implied by the fact that GBP/USD is testing the lower boundary of the ascending channel is hardened by the four-hour and daily technical indicators. The main near-term challenge is a cluster of resistances between 1.4670 and 1.4670, consisting of the weekly R2 and the April and March highs. There we should be ready for a bearish correction. In May however, the rally will be expected to be stopped by a major 22-month falling trend-line. Meanwhile, in case the price dips under the green trend-line, the first target will be the daily S1 and April 27 low at 1.4474/73, followed by the 200-hour SMA at 1.4411.
© Dukascopy Bank SA
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