Patterns: GBP/CAD, GBP/AUD
|GBP/CAD 4H: Could edge higher
The British Pound has surged by 2.48% against the Canadian Dollar since the beginning of July. The currency pair tested the upper boundary of a descending channel pattern at 1.7150 during yesterday's trading session.
As for the near future, the GBP/CAD exchange rate could continue to surge. Bullish traders are likely to target the weekly R1 at 1.7278 during the following trading sessions.
However, if the currency exchange rate breaks the support cluster at 1.7085, a decline towards the 1.7000 could be expected in the shorter term.
GBP/AUD 4H Chart: Breakout could occur
The Pound Sterling has surged by 1.61% against the Australian Dollar since last week's trading sessions. The currency pair tested the 200– period simple moving average at 1.8153 on July 10.
All things being equal, the exchange rate could continue to edge higher within this week's sessions. A possible breakout through the upper boundary of a descending channel pattern could occur.
However, the 200– period SMA could still provide resistance for the GBP/AUD currency exchange rate during the following trading sessions.
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