GBP/USD 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Even in case the Cable successfully breaches the 200-period SMA at 1.4268, this currency pair will be most likely forced to resume a downtrend in the medium-term when it touches the red trend-line of the channel down pattern. For now this boundary is placed slightly above the 1.44 mark and is guarded by both weekly and monthly resistance lines. According to the medium and long-term technical indicators, GBP/USD will decline over the next seven days. The first massive target will be the February low at 1.3835, while success here should pave the way for a selloff down to the pattern's support at 1.3755. On the other hand, SWFX sentiment is 57% bullish, meaning a rally past 1.4450 is not off the table.
© Dukascopy Bank SA
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