Patterns: GBP/CAD, GBP/AUD
|GBP/CAD 4H Chart: Set for breakout
The British Pound has appreciated over 1.60% in values against the Canadian Dollar since February 5. The exchange rate reversed from a swing high of 1.7275 during last week's Friday trading session.
As apparent on the 4(H) chart, the currency pair is currently moving towards the lower boundary of a junior ascending channel at 1.7029.
If the GBP/CAD currency exchange rate passes a support level formed by the bottom border of the channel, the general direction is expected to remain downward.
However, if the support level as mentioned earlier holds, the next upside target for the pair will be near the weekly R1 at 1.7319.
GBP/AUD 4H Chart: Faces support cluster at 1.8181
The Pound Sterling has appreciated by 2.53% against the Australian Dollar since February 5. The currency pair breached both the 50-, 100-, and 200-hour SMAs during this time period.
Currently, the exchange rate is testing a support cluster formed by the combination of the weekly pivot point and the 100-hour simple moving average at 1.8181.
If the cluster holds, it is likely that a short-term surge occurs during the following trading sessions.
Although, if the currency exchange rate passes the support cluster as mentioned earlier, a decline towards the lower boundary of an ascending channel at 1.7900 could follow.
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