GBP/AUD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Due to a solid demand zone at 1.8346 (Jan 20 low) GBP/AUD is now exhibiting a distinct bullish momentum, and in the foreseeable future the Sterling is poised for even more gains. At the moment the currency pair is testing the lower up-trend, and if the support holds the present downward pressure, the rate will be in a good position to head towards 1.9820, where the upper trend-line merges with the monthly R1 and weekly R2. However, before that the price will have to overcome the resistance at 1.9687, created by the weekly R1 and Feb 3 high. Still, the technicals indicate an overall positive outlook: a majority of the daily and weekly studies points north.
© Dukascopy Bank SA
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