GBP/AUD 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Another channel down was formed by GBP/AUD on August 29, when the pair faced difficulties around 1.744. Just recently, bulls tried to penetrate the resistance line, a move, which will mean and end to the downtrend, however, bears pushed the pair lower. During the last 3 trading days the pair has already lost 133 pips, and according to technicals on 1H chart the trend will persist. However, in a longer term we might expect a shift in trends, as indicators on daily charts are pointing to a movement in the opposite direction. Nevertheless, it seems the pair is facing a strong support line around the current market price.
© Dukascopy Bank SA
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