GBP/USD 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
While in the long-term perspective it could be argued that GBP/USD is forming a rising wedge pattern (especially on the daily chart), as discussed today in the morning, it looks as if the currency pair has been trading between two parallel trend-lines since last year's December.
In order to confirm its bullish intentions the Sterling will have to bounce off the lower rising support line at 1.6383, a level which is reinforced by the 200-period SMA and the weekly S1, and rally up to 1.6669, where it is supposed to meet the upper boundary of the upward-sloping channel. Appreciation of the British Pound is also suggested by the technical indicators on the daily and weekly time-frames.

© Dukascopy Bank SA
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