GBP/USD slowed near the support level around 1.6225, and has formed a channel up pattern on the 1H chart. The formation has 60% quality and 50% magnitude in a 73-bar period.
The pair has been growing during last two weeks after it had rebounded from its one month low around 1.5800/24. The Stochastic indicator sharply decreased to the 20% level and now is trying to rebound, which leads to the possible pair's recovery. If Cable gains value, the first target for long traders could be around 1.6302, where the previous local high stands.
The RSI indicator did not breach its 30% level, after the pair had fallen from its 1.6300 high, which increases the possibility of a bearish breakout. Alligator indicator shows that the pair is mostly bearish, and gives Sell signal. If the price pierces the support level around 1.62274, the first target for bearish traders could be around 1.6184, and the second around 1.6142/55, where the previous local low and SMA200 indicator lie.