GBP/AUD 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A moderate increase in British Pound's value versus the Australian Dollar resulted in emergence of the bullish channel on the hourly chart for this currency cross. Moreover, just recently the South Pacific currency has started depreciating against the Sterling even stronger, meaning that GBP/AUD left the vicinity of the lower trend-line and is now heading upwards. Judging from technical indicators, the pair's bulls are likely to be tested by resistance at 2.01 (daily R3) along with pattern's upper boundary. However, in the medium-term a penetration of the latter level is not excluded. Meanwhile, market players currently favour a bearish correction in 56% of all cases.
© Dukascopy Bank SA
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