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GBP/USD 4H Chart: Channel Up

Long
FX:GBPUSD   British Pound / U.S. Dollar
GBP/USD 4H Chart: Channel Up

  • The British Pound is advancing against the American Dollar simultaneously in senior and junior ascending channels, where the latter represents a rebound of the currency exchange rate from the lower trend-line of the dominant formation.

  • In the last hours of Monday’s trading session the pair made a second rebound from the bottom edge of the junior channel.
  • For this reason, the rest of the week the rate is expected to spend in the gradual climb to the top.
  • However, in order to do that, it will have to bypass a combination of the 20- and 100-period SMAs as well as the monthly PP at 1.3084.
  • Without a proper impulse provided by fundamental events the Pound might at this resistance level for some time.
  • Aggregate technical indicators supports this possibility by sending neutral and even sell signals.

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