Dukascopy Bank Team
Dukascopy Bank SA
EUR/PLN 1H Chart: Descending Triangle
GBP/USD 4H Chart: Channel Down
Comment: GBP/USD remains bearish since the second week of July and is likely to stay that way for foreseeable future, given that it is trading between two parallel downward-sloping lines. At the moment, the currency pair is hovering above the major level at 1.6500, which has not been breached since March 2014. That, of course, makes this level significant. And if the pair’s bears fail to drag the Pound below this level then a rebound towards 1.66 might be expected. Moreover, since the bulls are in majority (56.02%) this scenario is rather likely. However, if the pair slides below the 1.65 level then the bearish channel is likely to stay in effect.
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.
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