GBP/USD 1D Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The current bullish momentum of GBP/USD may not be as strong as during last year's July-September advancement (from 1.48 to 1.63), but it allowed the currency pair to form a bullish channel. This upward-sloping corridor serves as an evidence in favour of sustainability of the current recovery. Accordingly, there is a good chance that the support at 1.6638 is going to withstand the selling pressure and send the price towards the upper boundary of the pattern. However, the longer-term perspective is not as positive, being that the Sterling is approaching the 2009 highs and could encounter a strong supply area that may not let the appreciation to persist.

© Dukascopy Bank SA
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