GBP/AUD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The British currency has been constantly appreciating against the Australian Dollar since today's morning, while the exchange rate has already almost reached the pattern's resistance at 1.8578. As hourly technical indicators suggest that the bullish trend will persist, we can expect a confirmation of the pattern in the foreseeable future. If it happens, then the pair is likely to move up to weekly R3 at 1.8638, which can create more problems for the bulls. However, long-term technical indicators believe in pair's ability to cross this level as well. At the same time, market sentiment is rather neutral, as bullish and bearish opened positions are divided in the proportion of 51% to 49%.
© Dukascopy Bank SA
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