Patterns: GBP/AUD, GBP/CAD
|GBP/AUD 4H Chart: Sets for breakout
The British Pound has been trading in a junior ascending channel against the Australian Dollar. The exchange rate bounced off the bottom border of the pattern on June 5 and has since rallied.
The currency pair tested the upper boundary of a downtrend line during the early hours of yesterday session and made a pullback. As a result, the pair dashed through the three SMAs.
Given that the GBP/AUD currency exchange rate is moving toward the lower boundary of the junior ascending channel pattern, a breakout south could be expected within the next trading sessions.
GBP/CAD 4H Chart: Pressured by 100-hour SMA
The Pound Sterling was driven by strong downside sentiment against its Canadian counterpart since June 22 and thus fell by 2.59%. This bearish momentum could be considered to be a retracement from the upper boundary of a junior ascending pattern.
During the past two weeks, the currency pair has been moving sideways. Furthermore, the 100-hour simple moving average has been providing a strong resistance during this short period.
Given that the GBP/CAD currency exchange rate has moved closer to the bottom border of the ascending channel, a breakout could be expected during the following trading sessions.
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