GBP/AUD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Initially, it seemed that GBP/AUD was going to continue fluctuating within the boundaries of the bullish channel, as the lower up-trend line proved to be quite formidable. However, eventually the bears took the upper hand, mainly because of the back-up from negative fundamentals, and forced the support at 1.8516 to give in to the selling pressure.
The currency pair has already touched the first target—1.8428, where the daily S1 merges with the 200-hour SMA, but may still fall down to the Feb 12 low, where the most recent rally began. Meanwhile, the sentiment towards GBP/AUD is strongly bullish—70% of open positions are long.

© Dukascopy Bank SA
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