GBP/AUD Channel Down at crosspoint
Due to the reason that the Jackson Hole symposium will offset any pair, which involves the US Dollar, the choice to review the GBP/AUD currency exchange rate was up for dissection.
The pair is approaching the lower trend line of the most dominant ascending channel pattern, which coincides with the support of the monthly S1 at the 1.6150 mark. In addition, the 23.60% Fibonacci retracement level is located at the 1.6185 mark.
It is most likely that the currency pair will reach the support and rebound against it. First it should form a short term ascending pattern and afterwards a larger size pattern with the same direction.
The pair is approaching the lower trend line of the most dominant ascending channel pattern, which coincides with the support of the monthly S1 at the 1.6150 mark. In addition, the 23.60% Fibonacci retracement level is located at the 1.6185 mark.
It is most likely that the currency pair will reach the support and rebound against it. First it should form a short term ascending pattern and afterwards a larger size pattern with the same direction.