GBP/AUD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
GBP/AUD has been surging inside of a channel up pattern for the last month or so, and is currently approaching the bottom trend-line of the pattern. The pair is currently inside of cloud and has been consolidating for the last three sessions. Immediate resistance lies at 1.6918/24 and a break above would lead to tests of 1.6943, while a break below the support of 1.6887/85 and then 1.6877 would open up 1.6877/71 for tests. The 100 and 200-hour SMA crossover signals bearish momentum and could put up supply pressures towards the bottom trend-line around 1.6809
© Dukascopy Bank SA
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