GBP/AUD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
On the basis of the 1H chart, the outlook for the Sterling against the Australian Dollar is bullish. The daily pivot point is in power to provide some local support to the British currency, while the 55-hour SMA is rapidly nearing the spot at 1.9039. Both are offering bid above the pattern's lower boundary and weekly R2, meaning a plunge of GBP/AUD is unlikely. The key target of the bulls is 1.94, namely the pattern's upper edge, penetration of which will expose the pair to more strength in the direction of the current March peak at 1.9605 and beyond. On the other hand, the SWFX sentiment represents a great deal of risk at the moment. Three fourths of all trades are long, meaning GBP is overbought.
© Dukascopy Bank SA
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