GBP/AUD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Sterling is in a descending channel pattern against the Australian Dollar, as the currency exchange rate is about to confirm the pattern's support line for the third time. Due to the fact that the new pattern is only 110 pips wide, there are no other resistance or support levels between the two trend lines. However, the 55-hour SMA, which at the moment is located at near the 1.69 level, is nearing the channel down pattern's upper trend line at 1.6890. Daily aggregate technical indicators support a hypothesis that the currency exchange rate will move downwards and rebound afterwards, during the day.
© Dukascopy Bank SA
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