GBP/USD 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since the last time we looked at the Cable, the currency pair confirmed the trend-line and then attacked the previous high (1.55). However, so far the Sterling is unsuccessful at updating this peak. Still, most of the technical indicators, especially on the four-hour and daily charts, are pointing upwards, and none of the major supports were broken, meaning the price could rise higher from here, even though the overall bias towards the pair is negative. A potential target is 1.58, where some of the prior highs coincide with the up-trend. Meanwhile, the sentiment among the SWFX market participants is bearish, but moderate, being that 54% of currently open positions are short.
© Dukascopy Bank SA
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