GBP/USD 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
After reaching the lowest level this year at 1.5791, GBP/USD started appreciating and by doing that it also formed a 55-bar long bullish channel.
Recently, the pair touched the upper trend-line and now it is likely to depreciate towards the daily and weekly PP at 1.5903/00. There are a few indications of the pair being oversold. The majority of the 1H and 4H technical indicators are pointing to the north. And also the SWFX market participants are bullish on the pair, as 58.45% of them have opened long positions. Therefore, we expect the current trend to remain in effect; although, most likely the next short term target is the daily S1 at 1.5860.
© Dukascopy Bank SA
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