By: Dima Chernovolov
GBP/AUD continues to rise inside the 30-minute Up Channel chart pattern, which was previously identified by Autochartist. Autochartist rates the quality of this Up Channel at the 6-bar level – which is the result of the significant Initial Trend and Uniformity (7 bars) and average Clarity (5 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 made out of the key long-term support level 1.7480 (which stopped the sharp downtrend in September) and the lower daily Bollinger Band. The proximity of this support area increases the probability GBP/AUD will continue to rise inside this Up Channel.