GBP/AUD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Though the market is bullish (GBP/AUD is in a distinct up-trend since Sep 2014), there is potential for a current decline to extend down to the six-month support line at 1.88 before the bulls regain control of the currency pair. In the near term, however, there is likely to be a short-lived rally. The Pound is currently facing strong demand at 1.9475, represented by the 200-period SMA and the lower boundary of the channel, meaning there should be a rebound to 1.9850 before another down-wave. In the meantime, the SWFX traders have mixed feelings with respect to GBP/AUD, as 47% of them are long and 53% are short the Sterling.
© Dukascopy Bank SA
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