GBP/AUD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
As a rally from 1.84 started on Jan 21 failed to extend beyond 2.00, GBP/AUD began trading in a downward channel. At the moment the ceiling is seen at 1.99, while there is a high chance of a short-term bullish correction if the currency pair approaches the lower boundary of the channel at 1.96. However, the bears are not expected to remain in control of the pair for long. The overall market is bullish, and the channel is likely to turn out to be a flag pattern. Apart from 1.96, additional significant supports are at 1.95 and at 1.9320 (200-period SMA). Meanwhile, the sentiment is moderately negative, with 56% of the open positions being short.
© Dukascopy Bank SA
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