GBP/AUD 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
While on a longer-term time-frame the Pound/Aussie cross has been developing inside the bullish channel, since mid-February the pair is losing value. Moreover, the bearish tendency is expected to continue in the medium term, at least until the moment the pair touches 1.93 level (monthly S1; 200-period SMA). In the short-term, however, the Sterling may rebound toward weekly R1 at 1.9948. This level is assumed to provide the pair with strong bearish impetus for its future decline. Meanwhile, market participants are also pessimistic in the majority of all cases (56%). At the same time, 4H and daily technical studies give signals to acquire the Pound versus the Australian Dollar.
© Dukascopy Bank SA
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