GBP/AUD 1H Chart: Channel Up

The price chart of GBP/AUD developed within a clear channel up pattern during the last 140 hours. Even the 200-hour SMA proved to be unable to nullify the bullish momentum and allowed the rally to persist.

Right now the pair is testing the upper trend-line, meaning that the Sterling might soon start declining. The dip, however, should not extend beyond the support at 1.7076, where the daily S1, together with the up-trend (in force since Sep 19), is supposed to initiate another bullish leg, though the traders are generally waiting for Pound's depreciation (63% of positions are short).