GBP/AUD 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Starting from last year's October GBP/AUD has been consistently fluctuating between two parallel up-trends, meaning the currency pair has formed a bullish channel. More recently, on Jan 13, the Sterling encountered the lower boundary of the pattern and since then has been on the rise. In the meantime, the price is closing in on the upper rising trend-line, meaning a bearish correction is at hand. The sell-off is likely to start at a cluster of resistances around 1.8973 and persist until the support at 1.8236 is reached, then the recovery should resume. At the same time, as many as 74% of the SWFX market participants are currently holding short positions on GBP/AUD.

© Dukascopy Bank SA
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Thu, 23 Jan 2014 11:50:40 GMT

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