GBP/USD 4H Chart: Channel Down

Since the middle of October, when the Cable decided to develop downwards, this currency pair has already lost more than eight full figures, by descending from 1.55 to below 1.47 by January 2016. However, it seems that there is a time for a recovery in the nearest future, given that GBP/USD has approached the bearish pattern's lower boundary. Bullish momentum, provided by the weekly R1 at 1.4668 can send the Sterling in the direction of monthly PP at 1.49, which is reinforced by 100-period SMA. However, any failure here or even lower at 1.4829 (55-period SMA) can trigger a selloff below 1.4650, namely the pattern's lower edge. Such a scenario is expected by weekly technical studies.