GBP/AUD 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
GBP/AUD seems to have broken out of the recently formed triangle to the upside, and it subsequently formed an upward-sloping channel, meaning the outlook on the Pound is currently strongly bullish. The latest sell-off from 1.9450 should be terminated at 1.93, where the lower boundary of the pattern merges with the 200-hour SMA and daily S1. From here the exchange rate should set course towards the upper trend-line at 1.9568, and in the longer-term perspective we are likely to see GBP/AUD retesting the Apr high at 1.9650. Nevertheless, the SWFX market is doubtful of the ability of the Sterling to outperform the Aussie, since only 45% of open positions are long.
© Dukascopy Bank SA
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