GBP/AUD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
© Dukascopy Bank SA
GBP/AUD is currently trading within the boundaries of a bullish channel, which means further appreciation of the Sterling. At the moment, however, the currency pair is undergoing a bearish correction, and the sell-off may extend down to 2.1350 before we see a new rally. Nevertheless, despite the outlook implied by the pattern and the technical indicators, recovery in the longer term is under question, mainly because of the emerging falling resistance trend-line at 2.15. But if it is broken to the upside, the next target should be the mid-November high at 2.1575. Meanwhile, another positive sign for the Pound is the fact that the currency is heavily oversold—72% of positions are short.
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