By ForexMansion.com

As we have been talking about, the GBP/USD has been in a rising channel lately, with the candle on Tuesday showing a retest of the bottom trend line of that channel. The daily bar showed a semi-hammer pattern, which confirms the bottom.

If we see a break below that trend line, we could see a run down to about 1.59, and support at the current level, 1.6150 is vital to keep the channel intact. The pair is ultimately trying to reach 1.70, but that will be a long, long, long way away. This pair should continue to “grind†as people generally don’t favor either currency at the moment.