GBP/AUD 1H Chart: Channel Down

Source: Dukascopy Bank SA
The Pound recently formed a descending channel against the Australian Dollar. The channel has formed as a result of a bounce off from the upper trend line of a dominant pattern. The dominant pattern is an ascending broadening wedge. Most recently the currency exchange rate has reached the upper trend line of the descending channel pattern. Due to that reason it has to be monitored for either a break of the pattern or a bounce off from the resistance, which is more likely to be expected. If the bounce off occurs, it is most likely that the currency exchange rate will continue down lower in the pattern until it encounters the 200-hour SMA, which is creeping closer near the 1.68 level.
© Dukascopy Bank SA
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