GBP/USD 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The cable has been moving in a strong uptrend since early July, and just recently the pair has reached 1.6443– the highest level since August 2008. Since July the pair has soared more than 1600 pips, and while some may consider it as overbought and may call for a pause, technical indicators on variety of timeframes are sending "buy" signals, pointing at further appreciation. Traders, however insist that the pair should stop for a moment and ease back to pattern's support at 1.6386, as 66.7% of traders are holding short positions, while 56% of pending orders in a 100 pips range are placed to sell the pair, ready to provide additional support to sellers.
© Dukascopy Bank SA
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