Patterns: GBP/CAD GBP/AUD
|GBP/CAD 4H Chart: Potential decline in sight
The Pound Sterling has been appreciating against the Canadian Dollar since the end of October after the pair bounced off its bottom border of an ascending channel at 1.6650. However, this appreciating was halt by a resistance level formed by the upper boundary of a dominant descending channel at 1.7250.
A breakout through the lower boundary of a three-week descending channel occurred this morning.
Given that a breakout has occurred, the currency exchange rate is likely to continue its decline during the following trading sessions. The potential target for bearish traders will be at a price base of 1.6800.
GBP/AUD 4H Chart: Decline likely to continue
The British Pound has lost about 4.61% of its values against the Australian Dollar since the beginning of October. This decline began after the currency pair reversed from a high mark of 1.8734 on October 10.
A one-month descending channel pattern has been guiding the exchange rate lower towards the lower boundary of a dominant descending channel at 1.7600.
Everything being equal, it is likely that the GBP/AUD currency exchange rate maintains the descending channel pattern during the following trading sessions.
The potential target for the pair will be at the bottom border of the dominant ascending channel in the coming days.
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