Daily Forex Update: GBP/USD

Monday’s trading session saw the GBP/USD uptrend on the 60-minute reverse; it’s now found the Channel Up pattern’s support at 1.4736. With an Autochartist Initial Trend reading of five bars, there’s a better chance that prices will exhaust at this level and stabilize, because the five-bar reading points to a distribution cycle, characterized by sideways – but volatile – movement.