GBP/USD 4H Chart: Rectangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Starting from the very beginning of July, when the rate hit a rock bottom at 1.4823, the Cable had been in the up-trend for almost three months. However, the upward momentum of the currency pair was nullified by the resistance level at 1.6258. Nevertheless, this event did not force the price to reverse its direction, at least for now. Instead, while being underpinned by the tough support at 1.5879, the price is periodically making attempts to rekindle the bullish momentum. At the same time the SWFX market participants seriously doubt the ability of the Sterling to overcome this obstacle—only 28% of them are currently holding long positions, the rest are bears.
© Dukascopy Bank SA
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