Patterns: GBP/CAD, GBP/AUD
|GBP/CAD bounces off support
The GBP/CAD currency pair bounced off the lower boundary of an ascending channel pattern at 1.7300 on September 3. As a result, the British Pound has surged by 1.30% against the Canadian Dollar during this period.
Technical indicators suggest buying signals on the 4H, daily and weekly time-frame charts. Most likely, buyers could continue to drive the exchange rate higher during the following trading sessions.
However, bullish traders might encounter resistance at 1.7550 within this week's trading sessions.
GBP/AUD sets for breakout
The British Pound has edged higher by 1.53% against the Australian Dollar since September 5. The currency pair breached the 50– period simple moving average on September 9.
The exchange rate is currently trading near the upper boundary of a descending channel pattern and could be set for a breakout.
If the breakout occurs, a surge towards the 1.9100 level could be expected during the following trading sessions.
However, if the channel pattern holds, bearish traders might pressure the GBP/AUD currency exchange rate lower this week.
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