GBP/AUD 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
GBP/AUD keeps forming the pattern we looked at late last week. However, the currency pair did not rebound from 1.83 as expected—it failed to gain a foothold above 1.8520, and the price is now sliding back towards the lower boundary of the pattern. If support at 1.8250 fails to trigger strong buying, the current sell-off will most likely extend down to 1.7970, where the weekly S2 is joined by the monthly S2. An alternative scenario would be a rally towards 1.8770/00, where further appreciation of the Sterling is likely to be stopped by the upper boundary of the channel, which is currently reinforced by the weekly R1 and 200-period SMA. As for the SWFX sentiment, 63% of positions are long and 37% are short.
© Dukascopy Bank SA
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