GBP/AUD 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
On Mar 3 GBP/AUD topped out at 1.8828 and since then it has been on the decline, losing more than nine figures. At the same time, the pair has formed a bearish channel, which implies the resistance at 1.8053 and the support at 1.7681. Considering that the Sterling has recently touched the former level and most of the technical indicators are bearish, there is a good chance that the exchange rate will soon violate the immediate demand level at 1.7831 (weekly S1) and head towards the lower boundary of the downward-sloping corridor at 1.7681. However, the sentiment of the SWFX market goes against these signals—it is explicitly bullish, since 72% of open positions are long.

© Dukascopy Bank SA
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