GBP/USD US session outlook

12 May 2016

Pair hit 1.4480 as expected in the European session outlook.

• Looking forward, the odds of a bullish break from the sideways channel on the hourly remain high given the repeated rebound from sub 1.44 levels since the start of the week.
  

• Bullish pace would gains more traction once prices see an hourly close above channel resistance now seen at 1.4490-1.45 levels.
  

• On the lower side, only an hourly close below channel support now seen at 1.4420 would signal continuation of the downtrend that began from a high of 1.4770.