Patterns: GBP/AUD, GBP/CAD
|GBP/AUD 4H Chart: Tests resistance cluster at 1.8153
During the past week, the British Pound has lost about 1.31% of its values against the Australian Dollar. The currency pair moved closer to the bottom border of an ascending channel pattern at 1.8000.
The exchange rate is currently testing a resistance cluster formed by the 50– and 100-hour SMAs at the 1.8153 area.
If the cluster holds, a potential breakout through the lower boundary of the channel pattern could be expected in a short while.
However, if the currency exchange rate passes the moving averages, Bulls could push the pair towards a swing high of 1.8336 during the following trading sessions.
GBP/CAD 4H Chart: Stranded between SMAs
The Pound Sterling versus the Canadian Dollar has revealed a new junior descending channel pattern. This channel pattern has guided the currency pair towards a one-month low at 1.6969.
The exchange rate was stranded between SMAs during the morning hours of today's trading session. The 200-hour simple moving average was providing resistance for the pair at 1.7135, while the 50-hour SMA and the weekly PP at 1.7082 were supporting the rate.
A breakout through the upper boundary of the junior descending channel is likely to occur within this session. If the breakout occurs, a surge towards 1.7350 could be expected.
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