GBP/AUD 1D Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since the last time we looked at GBP/AUD, the currency pair has successfully bounced off the lower boundary of the channel and has nearly completed the bullish correction. The immediate resistance is at 2.09, represented by the monthly R1, but there is likely to be an extension of the rally from 2.0175 up to 2.1150/00, where the advancement should be fully stopped by the descending trend-line. There the bears are expected to incept a yet another bearish wave within the pattern. However, if this is not the case and the price manages to close above the key resistance, the December high will become the new objective. Even higher, there is the November peak at 2.1730.
© Dukascopy Bank SA
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