GBP/AUD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Pound is nearing the lower trend-line of the bullish pattern in its pair with the Australian Dollar. However, despite violating the weekly pivot point and 55-hour SMA at 2.0480 just recently, the cross is now facing the next serious demand represented by the 100 and 55-hour simple moving averages. Judging from the market sentiment, which is 70% bearish on the Sterling, the short traders will be able to send the pair down and accomplish their short-term goal of reaching the lower edge of the pattern at 2.0360. On the other hand, four-hour and daily technical indicators are pointing to the north, meaning that a rebound of the British currency may begin in course of the next 24 hours.
© Dukascopy Bank SA
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