GBP/USD 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
GBP/USD came under heavy selling pressure after peaking at 1.7192, the highest mark since at least 2009. The decline has been developing inside a 72-bar long bearish tunnel that forced the pair to lose around 150 pips in three days ended Jul 18. After that, the instrument commenced a recovery and now it is attempting to settle above the upper trend-line of the formation. However, the pair's ability to confirm the breakout is questionable given formidability of the 50-hour SMA meandering near 1.7097. Meanwhile, the proportion of long positions on the SWFX outweighs the proportion of the short ones, albeit slightly – 55% of traders are bullish, while 45% are bearish.
© Dukascopy Bank SA
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