Patterns: GBP/AUD, GBP/CAD

Dukascopy Bank Team Dukascopy Bank SA

GBP/AUD 4h chart: Decline likely to continue

The British Pound has declined by 1.73% against the Australian Dollar since April 1. The currency pair tested the lower boundary of an ascending channel pattern during last week's trading sessions.

All things being equal, the exchange rate could continue to edge lower during the following trading sessions. The potential target for the GBP/AUD pair will be near the 1.7800 level.

However, the bottom border of the ascending channel pattern could provide support for the currency exchange rate within this week's trading sessions.

GBP/CAD 4h chart: Bears could prevail

The Great British Pound has declined by 1.49% against the Canadian Dollar since April 5. The currency pair breached the 50– period simple moving average during last week's trading sessions.

As for the near future, the exchange rate could continue to edge lower during the following trading sessions. The potential target for bearish traders will be near the weekly S1 at 1.7067.

However, the support level at 1.7168 could still provide support for the GBP/CAD 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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