GBP/USD has formed a Channel Up pattern on the 1H chart. The pattern has 62% quality and 100% magnitude in the 265-bar period.
The pattern started when the pair bounced from 1.5394 and after testing pattern's resistance band at 1.5738 and 1.5768 the pair slowed down at 1.5708 where the pair is currently trading. Technical indicators on aggregate point at appreciation of the pair on 4H and 1D outlooks. Long traders could set the first target at the recent peak at 1.5731. If this level is breached, next targets could be at the recent pattern's resistance test level at 1.5768 and, if the pair gains momentum, at the patterns resistance band at 1.5789.
The SWFX market sentiment shows that 55% of traders expect depreciation of the pair. Short traders should focus on the 30th of July low at 1.5673. If this level is breached next targets could be at SMA200 1.5618.