GBP/AUD 1D Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Nearly a year ago GBP/AUD bottomed out at 1.4370 and commenced a strong recovery. A more than 100-bar long channel up is the result of the second wave of this rally.
According to the upward-sloping pattern, in the nearest future the exchange rate is highly unlikely to fall beneath the up-trend support line at 1.8321, which is reinforced by the monthly S1 level. Instead, the price is expected to leave the vicinity of 1.84 and head towards the upper boundary of the corridor, which is currently in the region of 1.98. The bullish bias is also shared by a majority of the SWFX market participants—66% of open positions are long.

© Dukascopy Bank SA
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