GBP/USD 1W Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
After showing signs of recovery, GBP/USD dropped right back into the descending channel it had formed over the last two years, repeatedly confirming the lower trend-line in early July, and is now in a flattish movement towards the upper trend-line at 1.3657. With 1.3293 serving as the near-term resistance, 1.3457 will follow up with some further supply pressures, just before the pair launches an attack on the upper trend-line of the channel. In case short-term bullish pressures turn out to lack momentum for such a development and SMAs manage to push the pair below the channel bottom trend-line, the lower Bollinger Band at 1.2240 is the only support target that could make the rate stick.
© Dukascopy Bank SA
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