GBP/AUD 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The British currency similarly to most of the other currencies has outperformed the Aussie in the last weeks. Moreover, the pair started to form a bullish channel on 28th of November.
Currently, the pair is underpinned by the monthly R2 and daily PP at 1.9102/45. That could potentially push the pair higher towards the weekly R2 at 1.9358. And even though the 4H technical studies are bearish, the daily and weekly ones are strongly bullish. The SWFX market participants have not decided what positions to open, as the sentiment is neutral with 53.44% being short. If the monthly R2 is breached then a sell-off towards the 1.90 is possible.
© Dukascopy Bank SA
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