GBP/AUD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
After moving to the south since January 24, the GBP/AUD currency pair is now has a chance to end a more than 500-bar long rally to the downside. At the moment of writing, bulls were making an attempt to close above the upper trend line. However, they are facing a strong resistance around 1.8202, represented by a weekly R2. Aggregate technical indicators are mixed and pointing at pair's appreciation in the short-term, while in the longer-term, the Sterling is still likely to lose ground versus the Aussie. Market sentiment is slightly bullish, with 56% of opened positions being long, reinforcing the view the pair can move above weekly R2 and head towards May 2 high at 1.8297.
© Dukascopy Bank SA
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