GBP/USD: 1-hour
Anybody up for a countertrend play on Cable? The pair seems to be forming a descending channel on its 1-hour forex chart and is currently testing the bottom around the 1.5300 major psychological support. A bounce from this area could take price up to the channel resistance, which is close to the 1.5550 minor psychological mark. Stochastic is heading higher for now so pound bulls might be strong enough to push for a move back to the top of the range. However, the middle of the channel might also hold as near-term resistance, as it lines up with the 38.2% Fibonacci retracement level.
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