GBP/USD 4h chart: Channel Down

The price bounced from the support level at 1.611, rebounded from 1.618, slowed near 1.573 level and currently is at 1.568. Both, the RSI indicator and the Stochastic indicator are below their critical values at 30% and 20% respectively. This indicates possible bullish outbreak although other indicators show opposite readings and cumulative outlook on 4 hour horizon is neutral.  Long traders could focus on the resistance level at 1.574. If this level will be breached next target could be the second resistance level at 1.587.

Current market sentiment is divided almost equally with bears slightly in favor with 1 day time horizon outlook suggesting possible bearish market rally. Short traders could focus on the 1.564 level. If pair breaches this level next possible target could be at 1.560 level.