GBP/AUD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Although GBP/AUD is currently trading within the boundaries of a bullish channel, the downside risks are substantial. During the recent upswing the currency pair failed to reach the upper trend-line, meaning the upward momentum may be weakening. Consequently, a test of the lower trend-line at 1.9820 is critical. The base case scenario is a rebound from support toward 2.0389. A breach of 1.9820 is an alternative with a lower but nonetheless high probability. In this case GBP/AUD will likely keep sliding south until it reaches 1.91, where the pair will have a good chance of stabilising, considering presence of the monthly pivot point, weekly S2 and long-term moving average.
© Dukascopy Bank SA
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