GBP/AUD 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Despite the fact that the pair was not able to breach the pattern's support, it decided to trade around this level for a continuous period of time. At the moment the pair is trying to make the next attempt to bounce from the trend-line. 
Taking into account bullish technical indicators on a short-term time-frame, we assume the pair will succeed. However, later the Pound can be stopped by a resistance, most likely around 1.8650 (weekly R1), as suggested by four-hour technical studies. Moreover, market sentiment is undecided for the time being. Bears take up a very slight majority of all opened positions on the SWFX market, namely 50.35% of them.

© Dukascopy Bank SA
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