GBP/USD 4H Chart: Rectangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The cable has been moving in a strong upside movement since July 2013. Nonetheless, after hitting 1.6823 on February 17, the pair began a sideways movement. At the moment, the pair was changing hands at 1.6659, just 77 pips above the lower pattern's boundary. According to the latest performance, however, the support line is unlikely to be breached without any significant bearish bias, as during the last week, bears failed twice in penetrating the 200-period SMA. While technical indicators and market sentiment (59% bearish) are pointing at pair's depreciation, indicators on a weekly chart are suggesting the cable will continue climbing higher and pattern's resistance will be reached.
© Dukascopy Bank SA
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