GBP/AUD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
GBP/AUD has been moving lower since January 24, however, after hitting 1.7740 on April 10 the pair bounced back and climbed more than 500 pips, erasing some of the earlier made losses. At the moment of writing the pair has been fighting for an important level around 1.80, also represented by the lower trend line. Aggregate technicals are not univocal, while 66% of opened positions are long. In contrast, 62% of all pending orders are placed to sell the pair. In this case, a move below pattern's support will indicate a retest of weekly S1 at 1.7906, while in case of a bounce back, bulls will try to aim weekly PP and a recent high around 1.8075.
© Dukascopy Bank SA

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