GBP/AUD 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
After reaching the lower boundary of the pattern, the pair decided to trade sideways instead of going upwards. At the same time, technical indicators on the Pound/Aussie pair are generally sending positive signals, especially on the short-term time-frame, meaning that long-awaited recovery is possible in the foreseeable future. However, at first the British currency will have to test the resistance, represented by weekly pivot point and 100-period SMA around 1.8440. If the breach is successful, we can wait for advance up to weekly R1 at 1.8692 in the medium-term. However, market participants tend to be neutral, as long and short positions are divided in proportion of 51% to 49%.
© Dukascopy Bank SA
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