Patterns: GBP/CAD, GBP/AUD
|GBP/CAD 4H Chart: Tests 50-hour SMA
The British Pound has continued its decline against the Canadian Dollar during the past week. The currency pair was pressured down by the 50-hour simple moving average.
The exchange rate was trading near the upper boundary of a descending channel pattern at 1.6828 during the morning hours of Tuesday's trading session and could be set for a breakout.
However, a resistance level formed by the 50-hour SMA at 1.6828 could restrict bullish traders from pushing the currency exchange rate higher during the following trading sessions.
GBP/AUD 4H Chart: Stranded between SMAs
The GBP/AUD currency pair made about 200 base points movement during last week's trading sessions. The monthly pivot point at 1.8424 provided resistance for the exchange rate.
Currently, the Pound Sterling versus the Australian Dollar is stranded between SMAs.
Technical indicators suggest that the currency exchange rate might continue its downward movement during the following trading sessions.
However, a support cluster formed by the weekly S1 and the 100-hour SMA at 1.8272 could help push the pair higher in the short-term.
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