Patterns: GBP/AUD, GBP/CAD
|GBP/AUD 4H Chart: Bullish trend to continue
The Pound Sterling has been edging higher against the Australian Dollar since the middle of September. The GBP/AUD currency pair has surged by 3.97% since September 11.
Technical indicators flash buying signals on the 4-hour and the daily time-frame charts. Most likely, bullish traders could continue to pressure the exchange rate higher within this week's trading sessions.
However, a resistance cluster formed by the weekly R1 and the monthly R1 at 1.8332 could provide a barrier for bulls in the shorter term.
GBP/CAD 4H Chart: Tests 200– period SMA
The British Pound has been trending bullish against the Canadian Dollar since the middle of September. The GBP/CAD exchange rate surged by 2.39% since September 11.
The currency pair is currently trading near a resistance level formed by the 200– period simple moving average at 1.7212.
If the 200– period SMA holds, bears could pressure the price lower within this week's trading sessions.
However, if the currency exchange rate breaks the resistance line, a surge towards the 1.7500 area could be expected during the following trading sessions.
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