GBP/AUD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
As GBP/AUD proved to be unable to advance beyond 1.8830 early March, it started forming a bearish channel. However, lately the currency pair has been undergoing a bullish correction after bouncing off the lower boundary of the pattern. Still, the overall bias towards the Sterling is rather negative, especially considering that at the moment the currency pair is closing in on the upper down-trend resistance line at 1.8026 that together with the weekly pivot point and 200-hour SMA should trigger heavy selling. This scenario also fits well the signals provided by the daily technical indicators that warn of a possibility of a strong decline in the next few days.
© Dukascopy Bank SA
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