Attention of those trading technically deserves chart GBP/AUD. Pair after Friday’s strong rally is correcting, while testing the upper limit of the downward channel.
Channel or flag appeared on the chart GBP/AUD earlier this week. Cross remains in wide, about 90 pips correction second day. Recently, pair tested the upper limit of the channel showing that for bullish movement is still too early.
The situation is interesting additionally that GBP/AUD remains under localized at previous highs resistance. Overcoming these areas paves the way for growth, which can be as high as several hundred pips. Daily chart indicates that the pair is now in growth channel. After defeating the resistance set by recent highs next level where supply may be stronger is around 1.7257. Further, the resistance will be highs made in July and September at the level of 1.7780:
Looking at H1 chart we see price drawing a channel (or formation of a flag). Hour ago pair tested the upper limit of the formation and bringing the violence of sell-off we can assume that were activated larger amounts of sell orders for the pair in region of 1.7115. It looks that around 1.7008 may be a good place to take long positions in line with the trend prevailing at a higher interval.