GBP/AUD continues to rise inside the 30-minute Up Channel chart pattern which was recently identified by Autochartist. Autochartist rates the quality of this Up Channel at the 6-bar level – which reflects the strong Initial Trend (7 bar), lower Uniformity (3 bars) and significant Clarity (7 bars). GBP/AUD is expected to rise further inside this Up Channel – in line with the earlier breakout of the key resistance level shown below.
As can be seen from the GBP/AUD chart below, the price earlier broke the key resistance level 1.8220 (former strong support from March and April). This price level is acting as a strong support level after it was broken. The strength of the active daily impulse wave from August and the proximity of the support level 1.8220 increase the probability the GBP/AUD will continue to rise inside this Up Channel.
