FXStreet (Bali) - Chris Capre, Founder at 2ndSkies, notes that a downward channel still dominates price action in GBP/USD, with prospects int he short term still slightly bearish.
"For most of July, the cable has been in a corrective price action phase, mostly holding inside a structured channel that we've been talking about in the prior member commentaries."
"The pair is attempting to find a base between 1.7050, and may need to go all the way to 1.6960/75 before finding bulls to support the price action."
"For now, the medium term outlook is still bullish while above 1.6950. Short term the channel dominates so look to play the channel until it creates a more forceful directional move."
"Note how the last sell-off / 4hr bar was large and closed on the lows, yet immediately reversed, showing some bulls are interested in buying on dips."