GBP/AUD 4H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The outlook on GBP/AUD is bearish. The pair is trading within a well-defined descending channel, and for the next week this implies a sell-off from the upper boundary of the pattern at 1.9055 down to 1.8400/1.8350, where the rate will be expected to meet the lower boundary of the pattern along with the monthly S2 and 2015 low. Even if the price closes above the falling resistance line at 1.9055, the overall bias towards the Sterling will still remain negative, mainly because of the major bearish trend-line that connects all the prominent highs from Aug 2015 to Feb 2016. However, the Pound will have a good chance to appreciate to A$2 before the currency meets this trend-line, unless the pair is stopped by the 200-period SMA at 1.9670.
© Dukascopy Bank SA
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