GBP/AUD 1H Chart: Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
For more than 300 hours already GBP/AUD has been gradually reducing the trading range, being contained by two converging trend-lines.
The upper one is currently creating the resistance at 1.6666, which is also reinforced by the daily R1 level. On the other side the currency pair is underpinned by the up-trend line at 1.6543, which in turn is strengthened by the daily S1, and the 200-hour SMA as well. Still, there are considerably more people thinking the Sterling is to depreciate in the future, since at the moment among the SWFX traders 69% are bearish and only 31% are bullish.

© Dukascopy Bank SA
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