GBP/USD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Pound is surging against the US Dollar in an ascending channel pattern on the hourly chart. However, on a larger scale the currency exchange rate is moving lower in a descending channel. The minor pattern is a representation of the rates surge from the dominant channel's support line to its resistance line. It is most likely that the pair will reach the upper trend line of the descending channel near the 1.2420 level soon. Afterwards, in accordance with the descending channel, the rate should bounce off from the resistance and begin to form a short term descending pattern. The hypothesis is consistent with the SWFX trader sentiment, as 66.52% of open positions are long, which indicates that there is still room for a move upwards.
© Dukascopy Bank SA
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