Weekly Chart Analysis: GBP/USD Large Channel Setup

• GBP/GBP continues to trade within a Large Channel
• High probability setup points to a possible move toward the channel's lower boundary
• Failure analysis points to a breakout above the channel's upper boundary

Key Levels - Current Price: 1.7368

Level    Type           Significance
1.9553   Resistance   Multi-Year High
1.8622   Resistance   23.6 Fib of the 1.5611-1.9553 of the GBP rally
1.8048   Resistance   38.2 Fib of the 1.5611-1.9553 of the GBP rally
1.7582   Resistance   50.0 Fib of the 1.5611-1.9553 of the GBP rally and Channel's Upper boundary
1.7117   Support        61.8 Fib of the 1.5611-1.9553 of the GBP rally
1.6454   Support        78.6 Fib of the 1.5611-1.9553 of the GBP rally

Weekly Chart

Daily Chart I

Daily Chart II

Daily Chart III

Sam Shenker is a Technical Currency Analyst for FXCM.