GBP/AUD 4H Chart: Channel Down

Since Monday the UK currency has been recovering against the Australian Dollar. For now the pair has also gone through more than four figures and violated several important resistances, such as the monthly pivot point and 100-period SMA. Hence, the bullish pressure tends to be quite confident. Near-term risks are created by the 200-period SMA and weekly R2 at 2.07 and 2.0719, respectively. Success here will imply a rally toward the next major supply at 2.09 (weekly R3, monthly R1 and pattern's upper edge), supported by 54% of SWFX market participants. Nevertheless, according to the weekly technical indicators, a continuous growth is not guaranteed in the long-term.