GBP/USD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Pound continues to trade in an ascending channel against the US Dollar. However, new developments have pressured for a review of the situation. Most recently the short term channel seems to have encountered some sort of uncharted resistance. After a review, the high levels of those bounce offs were connected, and it can be observed that they are on the same line, as an unexplained and failed attempt to surge at the start of the month. It is possible that these are the first glances of the a new ascending medium term pattern, which is likely set to guide the rate back up to the long term descending channel's resistance line.
© Dukascopy Bank SA
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