GBP/USD 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Great British Pound has been on the rise versus its U.S. counterpart since the beginning of July. The record-long winning streak sent the currency pair to a five-year high of 1.6851 hit on April 18, the day when GBP/USD touched the upper boundary of the 115-bar long channel up pattern.
Now the pair is manoeuvring in tandem with its 50-bar SMA at 1.6790 that is sitting slightly below the pair. As concerns future prospects of GBP/USD, market players are not univocal, with the proportion of long to short positions at the SWFX being almost 1:1. Technical indicators also show mixed picture.
© Dukascopy Bank SA
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