GBP/AUD 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Pattern started after a n approximately 3000 pip rally from April to august. Pair is approaching a 23.6% retracement of this move but is unclear if it will have any impact due to the period of increased volatility and obscure up and down movements from the middle of July. Peak just prior to the beginning of the pattern marks the highest level the pair has reached in the last 3 years. It adds additional downside pressure on the pair. Short ad medium term technicals on aggregate point at further depreciation of the pair. However, it might be somewhat choppy as quite a few individual indicators give neutral outlook. 

© Dukascopy Bank SA
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