Patterns: GBP/AUD, GBP/CAD

Dukascopy Bank Team Dukascopy Bank SA

GBP/AUD 4H Chart: Weekly buy signals

The British Pound has been appreciating in an ascending channel pattern against the Australian Dollar since the end of July. The currency pair surged by 3.13% in value during last week's trading sessions.

The exchange rate is currently trading near the upper boundary of the ascending channel pattern at 1.8620 and could be set for a breakout.

If the breakout occurs, a surge towards the resistance level at 1.9072 could follow during the following trading sessions.

However, a resistance cluster formed by the weekly and the monthly PPs at 1.8875 could hinder such bullish move.

GBP/CAD 4H Chart: Bulls could prevail

The Pound Sterling appreciated by 2.88% in value against the Canadian Dollar during last week's trading sessions. The currency pair tested June 25 high level at 1.6814 on October 11.

Everything being equal, the GBP/CAD exchange rate will most likely continue to edge higher. Bullish traders might drag the price towards the 1.7047 during the following trading sessions.

Although, the upper boundary of an ascending channel pattern at 1.6850 could provide resistance for the currency exchange rate within this week's trading sessions.

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Dukascopy Bank Team

Dukascopy Bank SA

Dukascopy Bank stands as an innovative Swiss online banking institution, with its headquarters situated in Geneva, Switzerland.

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