GBP/AUD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
© Dukascopy Bank SA
Two weeks ago GBP/AUD bottomed out near the August low, and since then the currency pair has been forming a bullish channel. One of the major resistances, namely the 200-period SMA, has already been broken, which strengthens the case for a further rally. In the near term, however, we are likely to see a downward correction, but the decline should be limited by the rising support line at 2.1270/40. As for the next month's target, this is considered to be a solid resistance level at 2.2110, represented by the September high. In the meantime, a dip under 2.1270/40 will imply a sell-off down to the October 12 low at 2.08. The SWFX sentiment is bearish: 66% of open positions are short.
© Dukascopy Bank SA
© Dukascopy Bank SA
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