GBP/USD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Cable is well-positioned to advance. Having found a solid support area circa 1.2860/50, the currency pair was able to gain considerable ground, and it looks ready to extend the recovery by 1.2%more. The immediate obstacle is at 1.3170, and if the bulls manage to push the price above this resistance, the new target will be the July trend-line that has recently served as the upper bound of the symmetrical triangle at 1.3290.

Alternatively, if the selling pressure prevails and the price closes under 1.3120, the decline will likely continue until the rate hits 1.30. There the psychological level is reinforced by the 200-hour SMA and August 17 lows.
© Dukascopy Bank SA
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