GBP/USD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Sterling surged against the US Dollar, as the currency exchange rate moved in a channel upward pattern. However, the most recent surge in the currency pair was not forecasted, as the UK economical fundamental data dictated the rates direction. Moreover, it was not enough to confirm the pattern's upper trend line for the third time, as the rate retreated just below the pattern's resistance at 1.3377. The pattern's resistance level is part of a larger resistance cluster, which is also comprised of the monthly and weekly first resistances respectively at 1.3382 and 1.3412. Due to these, before mentioned facts, it is possible that the rate will first move to properly confirm the trend line before falling.
© Dukascopy Bank SA
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