GBP/AUD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Recently there have emerged concerns that GBP/AUD might be forming a rising wedge rather than a bullish channel, but the latter remains the main version. Nevertheless, we expect a strong sell-off from the current levels, being that the pair has reached the apex of an intermediate wedge and at the same time has reached the red resistance trend-line. The price is expected to decline all the way to 2.0850, where it should find a solid ground, represented by the support line and the monthly R1. On the other hand, should the supply area at 2.13 give in to the bulls, the target will be 2.1934, namely the monthly R3 level. Meanwhile, the sentiment is bearish with 61% of positions being short.
© Dukascopy Bank SA
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