GBP/USD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
While technical studies are partly suggesting that the Cable is overbought, we tend to agree that the correction is likely to take place in the foreseeable future. This is despite the bearish-biased SWFX market sentiment, which is adding to the idea of a continuous rebound of the Pound Sterling. The pattern's upper edge is located within 80 pips from the spot. Backed by the May 3 low at 1.4771, the boundary at 1.4778 is forecasted to cause a sell-off in the direction of 1.45, precisely the lower edge of the channel. At the same time, a breach of the trend-line will set a fresh high since very early January of this year and will restore topicality of another historical maximum—the December 2015 high at 1.5241. 
© Dukascopy Bank SA
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