GBP and AUD update

British pound seems to have established the blue rising channel since my last post here. The green support is still in charge and the orange resistance from the 4 year is the ultimate target of this recent action.

Aussie dollar presents itself with a long opportunity from here. The red declining channel looks exhausted with positive divergences on daily and 4 hour chart as below. The orange support is playing a role here as well. The most important point here is perhaps the low which was made back in October 2011 at 0.9386 shown in green. We will see if this will be a turning point upwards. The safer option is to wait until the red channel is broken with conviction. Hope it helps.