GBP/USD 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The cable received a strong bullish impetus from the U.K. labour market data and on the back of positive news the pair soared above key level of 1.66. Despite a sideways movement during the last couple of hours, the pair has a great potential to penetrate pattern's resistance at 1.6625, as aggregate technical indicators on a hourly and 4H charts are sending ‘buy' signals. Traders, however, expect the rally to be short-lived, as more than 70% of opened positions are short. Nonetheless, the outlook for the cable remains bullish, and before reaching pattern's upper trend line, bulls will have to push through a weekly R2 and daily R1 around a recent high.
© Dukascopy Bank SA
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