GBP/USD 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Cable is set to rebound. The pair has just bumped into the lower boundary of the bullish channel, which is strengthened by the long-term moving average. GBP/USD is expected to bounce off of the support area at 1.4266/30 and then rally up to 1.4550. In the longer-term perspective, the price could try re-testing 1.4670, namely the February high. Alternatively, in case the bears keep pushing the rate lower despite the density of the demand zone, another potential line in the sand will be at 1.4190/70, represented by the weekly S1 and daily S3. The distribution between the longs and shorts, however, is against the rally, being that the Sterling is already overbought—65% of traders hold bullish positions.
© Dukascopy Bank SA
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