GBP/AUD 1H Chart: Channel Down

Pair has been in a clear downtrend since the first days of October. The pattern at hand could be extended back to 9th of October, but due to the gap between close and open prices during the last weekend the more compact version was chosen for the analysis. Quite a few individual technical indicators give neutral outlook suggesting that the pair could hover around the current levels until it hits pattern's resistance. Such scenario is reflected by the medium term technicals. In the long term, however, we could expect recovery of the pair as  Stochastic indicators which predicts major turning points send buy signal.