GBP/USD 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A 211-bar long channel up was formed by GBP/USD on a hourly chart on t the second day of August. While to some extend the pair may look overbought already, and some traders would expect a consolidation period, as 70% of all positions are short, aggregate technical indicators are univocally pointing at continuation of the uptrend. However, bulls are likely to face strong resistance at 1.6158– recent high and a weekly resistance, while on a key level of 1.63 is located another weekly resistance and pattern's resistance as well. Therefore, the outlook for the pair is bullish, however the upside movement can be not so rapid as it was.
© Dukascopy Bank SA
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