GBP/USD 15M Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Considering the pattern the Cable is currently forming, there is a good possibility the Pound will keep recovering from the post-Brexit-vote decline. The pair is now trading near a strong demand area, created by the lower bound of the pattern that is reinforced by the 200-period SMA. If the price rebounds from here, we should soon see a re-test of the June 29 and possibly the 23.60% Fibonacci retracement level of the recent sell-off from 1.5020 to 1.3120. The bullish outlook is also suggested by the fact that GBP/USD is forming a falling wedge within the channel. However, in case the rate slips under 1.34, the first target will be 1.33, represented by the daily S1 and June 29 low, followed by the June 27 low at 1.3120.
© Dukascopy Bank SA
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