GBP/USD 4H Chart: Channel Up

The Pound is expected to complete another leg down by the end of next week when it hits the 1.4176 marker, currently backed by the weekly S2 along with the monthly S1 and green uptrend line. A recovery may start even earlier around current spot, which merges with the 200-period SMA at 1.4368. These bright projections, however, are not shared by the majority of technical signals, especially on a daily time frame. SWFX sentiment is 61% long, meaning the market can become overcrowded with the bulls soon. If this case boosts the bearish outlook and the pattern's trend-line is violated, then the market will be firstly focused on the April low at 1.4006, followed by the February low at 1.3838.