Patterns: GBP/CAD GBP/AUD
|GBP/CAD 4H Chart: Set for breakout
The GBP/CAD currency pair traded sideways during last week's trading sessions. The 50-hour simple moving average provided resistance for the exchange rate at 1.6965.
The British Pound was trading near the upper boundary of a descending channel pattern at 1.6807 and could be set for a breakout.
If the breakout occurs, a surge towards the weekly R2 at 1.7055 could be expected during the following trading sessions.
On the other hand, if the descending channel holds, the currency exchange rate will continue its downward movement in the shorter term.
GBP/AUD 4H Chart: Breakout likely to occur
The British Pound appreciated about 1.08% in value against the Australian Dollar during last week's trading sessions. The currency pair tested the upper boundary of a descending channel pattern at 1.8380.
As for the near future, it is likely that the GBP/AUD exchange rate will continue its upward swing. A potential breakout through the upper boundary of the descending channel pattern during the following trading sessions.
If this breakout occurs, a surge towards a resistance level formed by the weekly R2 at 1.8513 could follow in the short-term.
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