GBP/AUD 4H Chart: Channel Up

After bottoming out around 1.6750 GBP/AUD commenced an up-trend that later on turned into a bullish channel, the boundaries of which the currency pair has been recently trying to escape from (during Nov 27 and 28 there was an attempt of a break-out to the upside). Still, there is a good chance that the price will not settle far beneath the key support at 1.8009, but will preserve the upward momentum and will thereby extend the move towards 1.8507.

SWFX market participants, on the other hand, are not optimistic with respect to the exchange rate. An overwhelming majority (74%) of traders expect the Sterling to come under pressure and lose value.