GBP/USD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Pound is in an ascending channel pattern against the US Dollar, as the currency exchange rate surges in the borders of a descending channel pattern on a larger scale. At the moment, the currency pair is approaching the short term pattern's support line at 1.3250. However, the pattern's lower trend line is not supported by any other support levels, as the closest located is the slowly ascending 100-period simple moving average at 1.3220. In the meantime, pending commands are indicating that there will be a rebound, as only 57% of set up SWFX trader orders are to sell the currency pair. Moreover, aggregate technical indicators forecast a fall of the rate in the next four hours, and a surge on a daily timeframe, which means that the pair is set to rebound against the pattern's trend line.
© Dukascopy Bank SA
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