GBP/USD 4H Chart: Rectangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since mid-September the cable has been bounded in a 360 pips range between two parallel trend lines. It means that it would be extremely difficult to push the pair above 1.6258 or below 1.5899, and a strong impetus would be required. In a shorter term, however, the pair is expected to inch higher toward pattern's resistance, as majority of technical indicators and slight majority of pending orders are placed to buy the pair. Even though 69.50% of traders are holding short positions, the 200-period SMA is likely to hold bears in the nearest future, and a move below it is unexpected. Therefore, the outlook is bullish, and the next target for long traders could be 1.6152.
© Dukascopy Bank SA
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