Daily Forex Update: GBP/AUD

By: Dima Chernovolov

GBP/AUD continues to rise inside the well-formed Up Channel chart pattern which was previously identified by Autochartist on the 4-horu charts. Autochartist rates the quality of this Up Channel at the 5-bar level – which is the result of the slow Initial Trend (one bar), strong Uniformity (7 bars) and higher Clarity (8 bars). GBP/AUD is expected to rise further inside this Up Channel in line with the earlier upward reversal from the support area shown below.

As can be seen from the daily GBP/AUD chart below, the price earlier reversed up from the support area lying between the support level 1.8200, 38.2% Fibonacci correction of the previous sharp upward impulse from March and the upper trendline of the recently broken daily up channel from December. The proximity of this support area increases the probability GBP/AUD will continue to rise inside this Up Channel.

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