Patterns: GBP/CAD, GBP/AUD
|GBP/CAD 4H Chart: Two scenarios likely
The GBP/CAD currency pair has been trading between the 1.7000/1.7186 levels since the middle of May. The exchange rate rose by 0.64% during last week's trading sessions.
Technical indicators suggest buying signals on the 4H time-frame chart. Most likely, the Pound Sterling could continue to edge higher against the Canadian Dollar during the following trading sessions.
On the other hand, the currency exchange rate might continue to trade within the 1.7000/1.7186 levels this week.
GBP/AUD 4H Chart: Tests support line
The British Pound has plunged by 1.30% against the Australian Dollar since the beginning of June. The currency pair tested the weekly support level at 1.8218 on June 10.
All things being equal, the exchange rate could continue to edge lower during this week's trading sessions. The potential target for the GBP/AUD pair will be near the lower boundary of an ascending channel pattern at 1.8063.
However, a support line formed by the 200– period simple moving average at 1.8171 could provide support for the currency exchange rate this week.
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