GBP/AUD 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since the second half of Mar 19, when GBP/AUD once again failed to break resistance at 1.9450, the currency pair has been trading in a narrow downward-sloping channel. And for the time being there are no reasons to doubt the bearish outlook. There are no significant supports spotted nearby that may change the direction of the Pound. The closest such level is seen at 1.8367, an encounter with which had a major influence on GBP/AUD back in January. However, it might be wise also to be wary of the weekly S3 near 1.88. Meanwhile, there is indecision among the SWFX market participants, being that 47% of open positions are long and 53% are short.
© Dukascopy Bank SA
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