GBP/USD: The Declining Channel is Under Pressure
GBP/USD bounced yesterday. Prices are challenging once again the resistance implied by the declining channel (around 1.6817). Other hourly resistances stand at 1.6845 and 1.6882. An hourly support now lies at 1.6738. Another support can be found at 1.6693.
In the longer term, despite the break of the long-term rising channel, the lack of significant bearish reversal pattern suggests a limited downside risk. As a result, a medium-term bullish bias remains favoured as long as the support at 1.6661 (15/04/2014 low) holds. A major resistance stands at 1.7043 (05/08/2009 high).