GBPUSD: Test of upper channel boundary

GBPUSD, H4

On the H4, GBPUSD has formed a descending channel pattern, and the price is testing the upper boundary. Tenkan crossed Kijun at Ichimoku, and the price is ready to exit the cloud, but the %R indicates overbought.

• If the price breaks the trend line and the cloud above 1.3350, it will start to rise to 1.3450;

• A bounce from the trendline will drop the price to 1.13250 and further to 1.3180;