GBP/AUD 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
After reaching the highest level since March on 1st of October at 1.8686, the GBP/AUD cross started to decline. Moreover, recently the pair has formed a bearish channel.
Currently, the Pound is appreciating towards the upper trend line, that is located at 1.8278, of the pattern. Despite the hourly technical studies being strongly bullish, we stick more to the longer term ones, namely 4H and daily, that are distinctly bearish for the time being. At the same time, a slight majority (55%) of the SWFX traders' expect the pair to reverse the recent losses, as they have opened bullish positions on the pair. We see the pair declining lower, after approaching the upper boundary.
© Dukascopy Bank SA
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