GBP/USD reaches two month maximum at 1.3550

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 49% 48% 2.04%
Shorts 51% 52% -1.96%
Indicator 4H 1D 1W
MACD (12; 26; 9) Buy Buy Buy
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3; 3) Sell Sell Sell
Alligator (13; 8; 5) Buy Buy Buy
SAR (0.02; 0.2) Sell Buy Buy
Aggregate

As it appears from hourly chart, the 1.3550 mark signified the two month maximum that the cable could not surpass. In result of a rebound, a new junior descending channel has been formed. 

The pattern is expected to stay in force at least until the rate will reach support set up by the 100-hour SMA and the weekly PP near 1.3420. 

If this barrier becomes broken, a more mature support zone should be formed by the 200-hour SMA and the monthly PP at 1.3371. 

However, there is an assumption about formation of two other medium ascending channels whose lower boundaries might intersect with the 23.6% Fibonacci retracement level located at 11.3256 and the monthly S1 at 1.3195. In that case, bears are likely to take the lead for the upcoming two-three weeks.

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