GBP/AUD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The GBP/AUD currency pair has also been trading upwards, while a bullish tendency here has been in place since the middle of November. Despite that, at the moment the Sterling is undergoing a period of correction against the Australian Dollar. The pair has bounced back from the upper trend-line on February 12 and is now trading downwards. It has recently crossed a difficult demand area at 1.97 (monthly PP, weekly S1); therefore, probability of a further decline increased considerably. Moreover, short-term technical studies are giving aggregate bearish signals, while 50.53% of SWFX traders are negative towards future perspectives of the cross.
© Dukascopy Bank SA
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