Paterns: GBP/AUD, GBP/CAD
|GBP/AUD 4H Chart: Bulls could prevail
The British Pound has surged by 3.79% against the Australian Dollar since July 22. The currency pair is currently trading in narrow ascending channel pattern.
Technical indicators flash buying signals on the 4-hour and daily time-frame charts. Most likely, the GBP/AUD exchange rate will continue to edge higher within this week's trading sessions. The potential target for bullish traders will be near the 1.8650 level.
However, the weekly resistance level at 1.8465 could provide resistance for the currency exchange rate in the shorter term.
GBP/CAD 4H: Could make brief retracement
The Pound Sterling has edged higher by 4.06% against the Canadian Dollar since the middle of July. The currency pair tested the 1.7700 level during last week's trading sessions.
As for the near future, the exchange rate could continue to surge in an ascending channel pattern during the following trading sessions. The possible target for the GBP/CAD pair will be at the 1.7900 level.
By and large, the currency exchange rate is expected the make brief pullback towards the 50– period simple moving average at 1.7331 in the shorter term.
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