Patterns: GBP/AUD, GBP/CAD
|GBP/AUD 4H Chart: Buying signals
The British Pound has surged by 3.01% against the Australian Dollar since October 14. The GBP/AUD currency pair tested the 1.8500 level during last week's trading sessions.
As for the near future, the exchange rate is likely to continue to trend in an ascending channel pattern. Bulls could target the 1.8600 level during the following trading sessions.
However, a resistance cluster formed by the 50– period simple moving average and the weekly pivot point at 1.8326 could provide resistance for the currency exchange rate in the shorter term.
GBP/CAD 4H Chart: Could continue to edge up
The Pound Sterling has edged higher by 2.20% against the Canadian Dollar since October 14. The exchange rate breached the 1.7300 level during last week's trading sessions.
Everything being equal, the currency pair could continue to surge in an ascending channel pattern. Bearish traders are likely to target the 1.7400 area within this week's trading sessions.
However, the weekly resistance level at 1.7290 could provide a barrier for bulls during the following trading sessions.
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