GBP/AUD 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A decline to a three-month low on October 23 mollified downside pressure thus helping GBP/AUD to change its direction to the north. Since then, the pair was following a bullish trend and started to shape a channel up pattern in the very end of October. Currently, the pair is trading near a one-month high reached a couple of hours earlier. A rise to this peak enfeebled GBP/AUD that may retreat in the hours to come given that 55.81% of market players bet on depreciation of the pair. However, technical indictors belie this view, calling for appreciation of the pair.
© Dukascopy Bank SA
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