GBP/USD 1 Hour Chart: Channel Up

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Source: Dukascopy Bank
© Dukascopy Bank

The pair has formed an upward channel consisting from 80 bars. The price has been moving within a broad channel (74% magnitude) since December 29 and has been capped twice by a downtrend at 1.5570 and 1.5670. The support line has been formed by two price reversal points at 1.5362 and 1.5466. Traders might consider these lines for further profit and loss level evaluation. In case of the channel breakout, the resistance line will eventually support the following price movements.

© Dukascopy Bank
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