GBP/AUD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
After a jump to a three-year high of 1.9191, the British Pound has been mainly depreciating versus Aussie and in mid-March the pair embarked on formation of the channel down pattern that now is almost 300-bar long.
Right now the pair may represent an opportunity for traders as it has recently dropped below the 50-hour SMA, below which a sharp decline is likely to take place. This is further bolstered by absence of any significant support levels until 1.7856/2 (four-hour S3, daily S1) as well as by market sentiment-almost 70% of market participants are bearish on the pair.
© Dukascopy Bank SA
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