GBP/USD 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
GBP/USD remains bearish since the second week of July and is likely to stay that way for foreseeable future, given that it is trading between two parallel downward-sloping lines. At the moment, the currency pair is hovering above the major level at 1.6500, which has not been breached since March 2014. That, of course, makes this level significant. And if the pair's bears fail to drag the Pound below this level then a rebound towards 1.66 might be expected. Moreover, since the bulls are in majority (56.02%) this scenario is rather likely. However, if the pair slides below the 1.65 level then the bearish channel is likely to stay in effect.
© Dukascopy Bank SA
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