GBP/AUD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The GBP/AUD pair reached 1.9184 on January 24, the highest since September 2009. The pair, however, was not able to continue its rally and moved lower, hitting a low of 1.7741 earlier this month. This level can be named as a key level for short traders, as the pair was not able to move any lower and bounced back. At the moment of the writing the pair was changing hands at 1.8120, just slightly below the recent high, and in case the level is breached the next target for long traders will be a weekly R2 at 1.8199. More than 60% of traders are holding short positions, while technicals on a 4H and daily charts are neutral. The long-term outlook is bearish, according to indicators on a 1W chart.
© Dukascopy Bank SA
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