GBP/AUD 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
© Dukascopy Bank SA
The near-term outlook on GBP/AUD is strongly positive after the Sterling followed the bearish scenario described on Tuesday. Although the pair has formed a high-quality descending channel, right now the price is testing the lower boundary of the pattern. As if it were not enough, this trend-line is reinforced by the monthly S1 and 2015 low. As a result, we are not only bullish in the short run, but also consider the medium-term outlook as mixed, being that after confirming support at 1.8350 GBP/AUD could potentially exit the pattern to the upside. However, the rally might have trouble passing through the 1.90-1.89 area, which, among others, consists of the 200-period SMA and monthly pivot point.
© Dukascopy Bank SA
© Dukascopy Bank SA
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