Patterns: GBP/CAD, GBP/AUD

Dukascopy Bank Team Dukascopy Bank SA

GBP/CAD 4H Chart: Potential target at 1.6963

The Pound Sterling has been trading in a two-week ascending channel against the Canadian Dollar. The currency pair made a U-turn north from the lower boundary of the channel on October 3.

The exchange rate opens below a support cluster formed by the combination of the weekly and the monthly PPs at 1.7089 during Monday's session.

As for the short-term future, it is expected for the currency exchange rate to aim at the three SMAs located near the 1.6963 within this session.

On the other hand, the GBP/CAD pair could fills the open gap north at 1.7115 during the following trading session.

GBP/AUD 4H Chart: Breaches 50-hour SMA

The British Pound has appreciated substantially against the Australian Dollar since the middle of August after the currency pair reversed from the lower boundary of an ascending channel pattern at 1.7290.

The exchange rate has breached the 50-hour simple moving average at 1.8461 during the morning hours of Monday's trading session.

Everything being equal, it is likely that the GBP/AUD pair fills the open gap north within this session.

On the other hand, the currency exchange rate could continue moving downward and aim at a support cluster formed by the combination of the weekly and the monthly PPs at 1.8378 during the following trading session.

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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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