GBP/AUD 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
A short-term downward movement of the Sterling against the Australian Dollar gave the bullish market participants time to prepare for further gains. As a result, on Tuesday the GBP/AUD currency pair commenced a recovery from the lower boundary of the upward channel pattern. In the near-term the British Pound will face an important support at the round level of 2.00, which is represented by the weekly R1. A successful violation of this mark will give additional confidence to the market, and the cross will head in the direction of the upper trend-line at 2.0161. While daily technical studies support the bullish outlook, the vast majority (70%) of traders are short on the UK currency versus the Aussie.
© Dukascopy Bank SA
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