GBP/AUD 4H Chart: Channel up

GBP/AUD has been unable to recover in the past two weeks, even though there are still plenty opportunities for growth in the near term. The only massive obstacle is located around 2.1850, where weekly R2 coincides with the monthly R1. However, there are still almost five figures to cover until this level is reached. Despite the currency pair's indecisiveness, weekly indicators are pointing upwards, while 55 and 100-period SMAs have just crossed each other. These facts confirm the Sterling's bullish potential has not been exhausted yet. On the contrary, 70% of SWFX traders are holding short open positions, as they set eyes on 200-period SMA and monthly PP at 2.1150 and 2.1074, respectively.