GBP/USD saw initial supply close to daily channel resistance yesterday. However, the hourly timeframe suggests that the rise higher may not be over, with scope for a further swing to the upside ahead of a possible corrective phase. Also, when viewed from a daily perspective, we see that there is scope for a degree of supply to manifest close to the resistance of a larger daily falling channel. This resistance currently lies near 1.5800 and it is anticipated that we will see a re-test of this region. Similarly the 200 day moving average, currently at 1.5955, is expected to act as a cap to trade should the region close ... (full story)