GBP/USD 1D Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Previously we assumed the Pound was forming a falling wedge (since Jun-Jul), considered to be a reversal pattern. However, after the currency pair violated the down-trend support line at 1.5350 (lower boundary of the wedge), the idea there might be a bearish channel emerging became more attractive.
In order for the pair to realise this scenario, the support at 1.5200/1.5150 must remain intact and subsequently send the price up to the resistance at 1.56. Otherwise the price is likely to plummet straight towards the 2013 low at 1.4813. Meanwhile, the SWFX sentiment with respect to GBP/USD is bullish—61% of open positions are long.
© Dukascopy Bank SA
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