By: Dima Chernovolov
GBP/AUD continues to rise inside the hourly Up Channel chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Up Channel at the 6-bar level – which reflects the medium Initial Trend (6 bars), lower Uniformity (4 bars) and strong Clarity (9 bars). GBP/AUD is expected to rise further inside this Up Channel – in line with the earlier upward reversal from the powerful support area shown below.
As can be seen from the daily GBP/AUD below, the pair earlier reversed up from the strong support area lying between the support levels 1.7415 and 1.7320 (which have been reversing the price from June) – strengthened by the lower daily Bollinger Band. The upward reversal from this support area created the daily Japanese candlestick reversal pattern Bullish Engulfing. The proximity of this support area increases the probability GBP/AUD will continue to rise inside this Up Channel.
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