GBP/AUD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
After peaking at 1.9189 on January 24 the Pound began losing ground versus the Aussie. The trend has an explanation from the fundamental analysis, however, what is more important, is the fact, the pair has been moving perfectly within the Fibonacci retracement since March 12, 2013. Just 12 days ago bears made another attempt to penetrate the lower trend line, however, the price bounced back. A sharp increase is unexpected, even despite the fact 68% of traders are holding long positions. 23.14% Fibo and a 200-period SMA at 1.8077 are likely to stop pair's appreciation, and according to technicals on a daily and weekly chart, the pair will continue moving to the south.
© Dukascopy Bank SA
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