GBP/AUD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Despite trading between two downward-sloping boundaries, the GBP/AUD currency pair is set to advance in the nearest future, after it touched the lower trend-line on Friday. A positive outlook is supported by 1H technical indicators so far, even though the 4H ones are bearish at the moment. The main reason for pessimism is a dense cluster of resistances ahead of the current exchange rate at 2.1050/80. On the other hand, 61% of SWFX market participants are bullish, as they assume the Sterling will overcome this supply and is going to appreciate further. In case it happens, the next obstacle will be the pattern's upper boundary/200-hour SMA at 2.1250.

© Dukascopy Bank SA
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