Patterns: GBP/AUD, GBP/CAD
|GBP/AUD 4H Chart: Weekly buy signals
The British Pound has been appreciating in an ascending channel pattern against the Australian Dollar since the end of July. The currency pair surged by 3.13% in value during last week's trading sessions.
The exchange rate is currently trading near the upper boundary of the ascending channel pattern at 1.8620 and could be set for a breakout.
If the breakout occurs, a surge towards the resistance level at 1.9072 could follow during the following trading sessions.
However, a resistance cluster formed by the weekly and the monthly PPs at 1.8875 could hinder such bullish move.
GBP/CAD 4H Chart: Bulls could prevail
The Pound Sterling appreciated by 2.88% in value against the Canadian Dollar during last week's trading sessions. The currency pair tested June 25 high level at 1.6814 on October 11.
Everything being equal, the GBP/CAD exchange rate will most likely continue to edge higher. Bullish traders might drag the price towards the 1.7047 during the following trading sessions.
Although, the upper boundary of an ascending channel pattern at 1.6850 could provide resistance for the currency exchange rate within this week's trading sessions.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.