GBP/AUD – Continuing the channel

May 15, 2023

Bullish: We are currently @ 1.8705 in a channel that is shallow ( corrective).  We are looking for a continuation to the 1.618 Fibo @ 1.8793 with a further target the ATR target @ 1.8885 area. There is significant resistance at 1.8000. Watch the USDX for direction. The average daily true range (ATR) for the pair is 156 pips per day and it’s 180 day average is 152 pips per day. USDX is currently moving down but looks corrective.