GBP/AUD 4H Chart: Channel Up

GBP/AUD has been moving upwards in a tight trading range, therefore leaving a high risk of break outs in any direction. Now the outlook is maintaining bullish bias, as both trend-lines of the pattern remain intact. Moreover, a moderate prevalence of the SWFX bears (61%) over bulls (39%) may ultimately benefit the latter. However, technical indicators in both short and long-term are less optimistic on the matter. The pattern's red boundary is guarded by the weekly R1 and monthly R3 at 2.0412 and 2.0497, respectively. They risk causing an earlier-than-projected sell-off. If it takes place, the key demand will be offered at 2.0040 where the weekly pivot strengthens the pattern's main support line.