GBP/AUD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Pound is trading in a tight descending channel pattern against the Australian Dollar, as the currency exchange rate once more approaches this year's low level of 1.6723 previously reached in the middle of August. The downward movement began when the rate bounced off the post Brexit high level of 1.7791 on September 15. However, the channel down pattern was formed later, as in the first trading session's the currency pair fell much faster than at the moment. The slowdown of the fall occurred due to the support provided by the 200-period SMA at 1.7293. In the meantime, the pair has enough room to move either way, as 60% of open positions are long. Although, trader set up orders are not indicating at an upcoming fall or a surge, as 53% of pending commands are to buy the Sterling.
© Dukascopy Bank SA
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