GBP/USD 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
A rise above its 200-hour SMA on August 5 triggered a rally of the pair; however, GBP/USD was unable to sustain its advance after it reached its two-month peak of 1.5718 that acted as a strong resistance and forced the pair to change its direction. The pair met a support at the level of 1.5587 (200-hour SMA) but it failed to contain a decline, and the pair continued its drop towards the pattern's support at 1.5570.
Traders are mostly bearish on the GBP/USD, as 58% of them hold short positions, according to the SWFX data. For the market players' outlook to be confirmed, the currency couple has to breach a pattern's support at 1.5570 and a cluster of support levels at 1.5555/29.
© Dukascopy Bank SA
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