GBP/USD 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Despite dropping considerably since Thursday of the previous week, the Cable is expected to regain strength in the foreseeable future. The Sterling is now nearing the weekly S1 at 1.5477, and this level can be strong enough to withstand the significant bearish pressure. However, a failure to keep the pair afloat is likely to lead to further losses down to the pattern's support at 1.5325. At the same time, the long-term technical indicators are pointing to the upside, meaning that a rebound is more probably going to take place from the aforementioned technical level. In the meantime, distribution between bullish and bearish positions at the SWFX market is completely neutral at the moment.
© Dukascopy Bank SA
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Tue, 19 May 2015 13:16:25 GMT

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