GBP/AUD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
GBP/AUD keeps trading within the channel we identified last Thursday after the pair pierced through a notable level of 1.7270. The latest bearish wave inside the pattern did not reach the lower trendline, however, signalling a potential reversal. Nevertheless, the longer-term technical indicators are mostly pointing downwards, suggesting the resistance at 1.70 is likely to stand its ground. Our current target is therefore a cluster of supports at 1.6875/60, where the weekly S1 merges with the daily S2 and the lower bound of the channel. Still, we should take into account the fact that the price is slowly but surely approaching 1.6650—the lowest level since mid-2013.
© Dukascopy Bank SA
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