GBP/USD: 1-hour
Anybody up for a countertrend trade? GBP/USD has been moving inside a rising channel on its 1-hour forex chart and is on its way to test the top around the 1.5500 major psychological level. If this holds as a ceiling, the pair could head back to the bottom of the channel and test support at 1.5400. Stochastic is already making its way down, indicating that pound bears are taking control of price action and that a selloff might take place before price even hits the top of the channel. If the oscillator hits the oversold area and starts turning up, it could reflect a pickup in buying pressure and a potential upside break!
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