Dukascopy Bank Team
Dukascopy Bank SA
GBP/AUD 4H Chart: Sets for breakout
The British Pound has been trading in a junior ascending channel against the Australian Dollar. The exchange rate bounced off the bottom border of the pattern on June 5 and has since rallied.
The currency pair tested the upper boundary of a downtrend line during the early hours of yesterday session and made a pullback. As a result, the pair dashed through the three SMAs.
Given that the GBP/AUD currency exchange rate is moving toward the lower boundary of the junior ascending channel pattern, a breakout south could be expected within the next trading sessions.
GBP/CAD 4H Chart: Pressured by 100-hour SMA
The Pound Sterling was driven by strong downside sentiment against its Canadian counterpart since June 22 and thus fell by 2.59%. This bearish momentum could be considered to be a retracement from the upper boundary of a junior ascending pattern.
During the past two weeks, the currency pair has been moving sideways. Furthermore, the 100-hour simple moving average has been providing a strong resistance during this short period.
Given that the GBP/CAD currency exchange rate has moved closer to the bottom border of the ascending channel, a breakout could be expected during the following trading sessions.
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.
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