GBP/AUD 1D Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
GBP/AUD topped out in August, and since then the pair has been trending lower. There was a good chance that this was only a correction, because of the rising support line that has guided the rate since September of 2014. However, this time the up-trend failed to trigger a recovery, even despite the help from the 200-day SMA. Accordingly, our long-term outlook is now bearish, and the Sterling is likely to descend down to the March and May lows between 1.88 and 1.90. If the selling pressure persists even then, the next target should be 1.8350, namely the January minimum. Meanwhile, the distribution between the bulls and bears is slightly skewed in favour of the former, who take up 59% of the market.
© Dukascopy Bank SA
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