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Riding the GBP/USD Uptrend (July 19, 2013)

The uptrend for Cable is still going on the 1-hour time frame, as the pair is trading inside a channel with higher lows and higher highs. The pair is currently sitting around the middle of the channel, picking a direction to go.

In addition, a symmetrical triangle has formed, and an upside breakout could continue into an upside break from the top of the channel. Otherwise, the pair could keep edging lower and eventually find support at the bottom of the channel.

 

gbpusd

Stochastic is pointing down, suggesting that pound bears could be in control at the moment.

By Kate Curtis from Trader's Way

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Quotations
Instrument Bid Ask Spread
Instrument Bid Ask Spread
Instrument Bid Ask Spread
Instrument Bid Ask Spread

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Due to the Martin King Holiday on 16 January, 2023, market activity and liquidity may be lower than usual....

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