GBP/AUD 1D Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
At the moment GBP/AUD seems to be well-positioned for gains in the coming weeks. The currency pair has just confirmed the rising support line at 1.838, which is expected to keep guiding the Sterling further north against the Aussie, as it has been doing for the last 100+ days. The demand area is also reinforced by the 200-day SMA, meaning a close below 1.83 is a highly unlikely event in the nearest future. Additionally, the weekly and monthly technical indicators favour emergence of a rally. Meanwhile, the SWFX market participants appear to be undecided with respect to GBP/AUD, being that the current distribution between the longs and shorts is perfectly equal.
© Dukascopy Bank SA
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