GBP/USD 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Although the British Pound followed a bullish trend against the U.S. Dollar shortly after it touched a two-month low in mid-November, a formation of the channel up pattern started only on November 20. At the moment of writing, the currency couple vacillated close to the pattern's support at 1.6149 but traders were not expecting a breakout, being bullish in 57.96% of cases. If the pair bounces off the pattern's lower boundary, it will target four-hour pivot point and resistance at 1.6159/68 and if buying pressure does not abate the pair may try to penetrate the daily pivot point at 1.6181.
© Dukascopy Bank SA
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