GBP/AUD 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
GBP/AUD has been in a strong up-trend for already more than 150 bars and it seems to be well-positioned to extend the rally even further, given that the trend-lines still remain intact. At the moment the currency pair is trading just above the rising support line, meaning that not solely the long-term, but also the near-term outlook for the Sterling is bullish. The price is expected to rebound from 1.8510 and head towards 1.8880, where it should encounter the upper boundary of the channel up pattern and then commence a correction. However, the SWFX market participants are mostly bearish on the Pound—73% of open positions are presently short.
© Dukascopy Bank SA
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