GBP/USD 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
GBP/USD has been continuing its bullish trend and moving towards the lowest level this year while forming a Channel Down pattern on the 1H chart. The pattern has 57% quality and 71% magnitude in 120-bar period.

The pattern started when pair bounced from 1.5629 and after testing resistance levels at 1.5713 and 1.5435 it has slowed down at 1.5360 where the pair is currently trading. Aggregate indicators suggest an emerging bull trend at 1H time horizon. This is also supported by current market sentiment which is around 60% bullish. Long traders could focus on the resistance level at 1.5386. If this level will be breached, next target could be a daily resistance level at 1.5418. 

Aggregate indicators on the 1D horizon strongly point at bearish market outbreak. Short traders could focus on the daily support level at 1.5341. If the pair breaches this level, next possible target could be at a daily support level at 1.5291.
© Dukascopy Bank SA
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