GBP/AUD 4H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Our bias towards GBP/AUD is strongly bearish. For one, the pair is trading within the clear boundaries of the descending channel, and at the moment the rate is near the upper edge of the pattern. In addition, the technical indicators in the daily and weekly charts are mostly pointing south. As a result, we expect the Sterling to bounce off of 1.8830 and slide down to 1.8350, where the pair should face solid support, created by the lower boundary of the channel together with the monthly S1 and last year's low. Even if the price closes above 1.8830, the outlook will still remain bearish, being that there is a cluster of resistances around 1.90 pounds, consisting of the monthly PP, Mar 29 high and 200-period SMA.
© Dukascopy Bank SA
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