GBP/USD 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The constant up-trend of the Cable has persisted since April 13, when the pair bottomed out below the 1.46 mark. Since then, the British currency managed to gain as many as 940 pips against the Dollar, when the price hit a considerable resistance at 1.55. The following correction sent GBP/USD down to 1.51 in just a few days. Despite that, the bullish development is likely to resume soon, and the pair is already showing upward signals at the moment. Daily technical indicators are confidently pointing to the north, as six of them give a buy signal for the Sterling. Among them, Stochastic indicator shows that bullish potential is not exhausted yet and the pair is not overbought.
© Dukascopy Bank SA
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