GBP/USD 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Sterling appears to be well-positioned for a rally right now. First, GBP/USD is currently trading in the lower part of the upward-sloping channel. Secondly, the near-term technical indicators are from neutral to positive. If the currency pair does in fact manage to close above 1.5620 and thus confirm its bullish intentions, the target will be the July high at 1.5690, but the rally is likely to extend up to the red trend-line. In case 1.56 is breached, the focus should shift to a solid demand area around 1.5575, where the daily S1 coincides with the long-term SMA and Aug 13 low. In the meantime, the SWFX market seems undecided, being that 52% of positions are long and 48% are short.
© Dukascopy Bank SA
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