GBP/AUD - break from weekly trend channel and completed retest
GBP/AUD has been moving within a weekly ascending trend channel since early 2017, apart from a few dramatic exits during the Yen crash in early 2019 and the intial Covid-19 spike, but even after these instances price returned inside the channel.
We can now see a clear break of the trend channel to the downside and also a possible completed retest of the lower channel boundary. Price appears to be pushing from this boundary, and with further bearish momentum we would be looking to take shorts on this currency pair, with the target of having price return firstly to the July low of 1.773 and then onwards to 1.744.
We can now see a clear break of the trend channel to the downside and also a possible completed retest of the lower channel boundary. Price appears to be pushing from this boundary, and with further bearish momentum we would be looking to take shorts on this currency pair, with the target of having price return firstly to the July low of 1.773 and then onwards to 1.744.