GBP/AUD 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Pound recently broke out of a long term ascending channel against the Aussie. It occurred in a descending channel pattern, which formed as a result of the rate reaching the large scale pattern's upper trend line and bouncing off of it on January 2. The rate is about to reach the 2016 low level of 1.5682 in accordance with the pattern. However, fundamental events, especially politics, have been dictating everything that has been happening with the Pound. Although, when it is pegged against the Aussie, the situation is different. The Australian Dollar has been surging against the rest of the market for the past weeks. Due to that the two options are that rate continues to fall in the set course or form a new pattern. However, in both cases it will be aimed downwards.
© Dukascopy Bank SA
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