GBP/AUD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
GBP/AUD is currently trading in a narrow but nonetheless well-defined channel. At the same time, hourly and four-hour indicators are pointing upwards, and the Jan 25 high was unable to stop the Pound from appreciating further, just like the 200-hour SMA that we left behind on Feb 2. We therefore see the Sterling having more upside potential. However, the recovery is expected to be stopped by a major resistance area between 2.0750 and 2.0800, where we have the weekly R2 level and the falling trend-line that is a part of a bearish channel best seen in the daily chart. Below 2.0490 the first target is going to be the weekly R1 at 2.0434, followed by the 200-hour SMA at 2.0330.
© Dukascopy Bank SA
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