GBP/AUD 1D Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
While in the long run the British Pound appears to be in a better position than the Australian Dollar, in the coming weeks the Aussie is likely to outperform the Sterling. GBP/AUD has recently come into contact with the resistance trend-line at 1.9850, and the price is now expected to undergo a bearish correction, which implies a sell-off down to 1.88-1.89 area before the bulls regain control of the currency pair. However, there is also likely to be strong demand between 1.93 and 1.92.
Meanwhile, there are no distinct signals given by the SWFX sentiment, with 46% of positions being long, and by the technical indicators, which on the whole are mixed.
© Dukascopy Bank SA
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