GBP/USD Technical Analysis: Teasing falling channel breakout
|GBP/USD is currently trading just above 1.29 - the upper edge of the falling channel. A breakout would be confirmed if the current 4-hour candle ends above that resistance and could yield a rally to 1.2959 (Feb. 13 high) and 1.30 (psychological hurdle).
4-hour chart
The bear cross between 50- and 200-candle moving averages (MAs) contradicts the bullish view put forward by the channel breakout. The averages, however, are lagging indicators.
Trend: bullish
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