GBP/AUD continues in pattern

Note: This section contains information in English only.
Source: Dukascopy Bank SA


Since the pair was reviewed at the start of July, it has continued to move higher. The 2021 and 2022 high levels held as resistance for some time, before the combined support of the ascending channel's lower trend line and the 50-day simple moving average caused a push to the 2.0000 mark. Most recently, the 2.0000 acted as resistance and caused a downwards retracement.

The ongoing decline of the Pound against the Australian Dollar is expected to look for support in the 1.9500 mark, the 50-day simple moving average near 1.9330, before approaching the lower trend line of the channel up pattern. In the case of the breaking of the pattern, note that the 2021 and 2022 high levels could turn into a support zone at 1.9153/1.9228.

On the other hand, a resumption of the broader surge is set to face resistance in the 2.0000 and 2.0500 levels. In addition, take into account the upper trend line of the channel pattern.
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