GBP/AUD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Although the rate may rebound today from the Tuesday's low at 2.0470, our bias with respect to the British Pound will remain negative. The immediate resistance is at 2.0574/70, represented by the daily PP and weekly S1. Even if this supply zone is broken, the falling trend-line at 2.07 will be expected to halt further recovery and send the pair lower.

Alternatively, if GBP/AUD dips under 2.0470, the decline should be limited, being that at 2.0393/80 in addition to the daily and weekly S2 levels the currency pair will also encounter the lower edge of the channel, within which it has been trading since the beginning of the previous week.
© Dukascopy Bank SA
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