GBP/USD 30M Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
A break below the three-month demand area of 1.2880/2907 broke the routine with a exit from the extensive rectangle. With upside movements being limited by the 1.3358 level, GBP/USD kept supply and demand balanced since the Brexit vote. Reducing volatility to the minimum, the pair is now on a flat motion to the upside boundary of the channel, making 1.2742 the ultimate target. With the 55-period SMA sticking steadily to the aforementioned boundary, it is unlikely to be broken, causing a bounce and letting bears take over short-term in addition to the long-term dip. A break below 1.2790/2725 would be a proof of weakness and could induce a sharper fall for the bottom line.
© Dukascopy Bank SA
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