GBP/AUD 1D Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since three weeks ago, when we last looked at GBP/AUD, the currency pair has once again confirmed the topicality of the channel. The Pound is now headed towards the lower boundary of the pattern and monthly S1 at 1.9750. However, the market appears to be already overcrowded with bears (73% of positions are short), and demand at this level should therefore be enough to trigger a bullish correction, which in turn should be capped by the red trend-line. Alternatively, if the Sterling does not rebound from 1.9750 and closes below it, the new objective will be another strong support zone at 1.8830/1.8760, where the March low coincides with the monthly S3.
© Dukascopy Bank SA
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