GBP/AUD Continues To Rise Inside Hourly Up Channel Chart
AutoChartist | Feb 28, 2019 08:20AM ET
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 chart at the 5-bar level – which is the result of the slow Initial Trend (1 bar), above-average Uniformity (7 bars) and strong Clarity (8 bars). GBP/AUD is expected to rise further inside this Up Channel – in line with the earlier breakout of key resistance level shown below.
As can be seen from the daily GBP/AUD below, the pair previously broke through the key resistance level 1.8500 (which stopped the previous sharp upward impulse in January). This price level is acting as a strong support level after it was broken. The proximity of this support level increases the probability GBP/AUD will continue to rise inside this Up Channel.
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