GBP/USD 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
GBP/USD has experienced a sharp rally since it dropped to 1.5107 on August 2. Now the pair is trying to consolidate close to 1.6264, a nine-month high; however, the region of 1.6176/212 (four-hour PP, four-hour R1, R2; daily PP) deters the upside movement. The British Pound may succeed in overcoming this region that will send the currency couple to a nine-month high. After hitting this high, the pair may target daily resistances at 1.6289/318 that if breached will help GBP/USD to advance to the pattern's upper-limit. A break through the upper-boundary of the channel up pattern usually puts a strong buying pressure on the pair.
© Dukascopy Bank SA
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