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GBPUSD – In a Corrective Channel, But Weakening
GBPUSD – Corrective Channel, But Weakening
Looking at the 4hr chart, you can see the pair is in a corrective channel, which has a bearish bias. Considering the volatility is low, expect a mild range to persist until a macro-risk event enters the scene.
For now, look to play the channel selling around 1.6750/30, targeting the channel bottom. If this fails, then look to sell at the yearly highs, unless the move looks highly impulsive. Daily closes below the channel will likely add bearish pressure.
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