© Dukascopy Bank SA
Advancement of GBP/AUD stopped late January, when the currency pair hit the resistance at 1.92. During the next two weeks the Sterling was depreciating relative to the Australian Dollar, resulting in emergence of the channel down pattern.
Being that the exchange rate has been fluctuating near the falling trend-line lately, the risks were heavily skewed to the downside. However, because of the BOE inflation report published earlier today and a formidable demand area at 1.8150, demand for the Pound increased and may potentially lead to a breach of 1.8245, which will open a path towards 1.8430.
© Dukascopy Bank SA