GBP/AUD 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Pound recently confirmed a channel up pattern against the Australian Dollar, as the currency exchange rate bounced off the pattern's support line early morning on July 14. At the moment, the currency exchange rate is in the middle of the pattern, and most likely it will go up, to confirm the pattern's upper trend line at 1.7663, which the exchange rate already touched before. A surge is also supported by the daily aggregate technical indicators and the fact that SWFX traders have open 62% long positions, which means that there is still room for an increase before a sell off starts. However, on its way up the pair still faces the weekly R1 at 1.7588, from which it already bounced off once.
© Dukascopy Bank SA
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