GBP/AUD 4H Chart: Triangle

After GBP/AUD bottomed out at 1.7823 in mid-June and then surged up to 1.8210, the Sterling entered a consolidation phase and formed a symmetrical triangle. But the currency pair has just escaped the boundaries of the pattern and is therefore poised for gains. Although potentially the price may move four figures (Jun 12-18) from the point of a break-out, there are several significant resistances standing in the way. The first one is at 1.8222, created by the weekly R2 and Jun 18 high. The second potential target is the May 21 high at 1.8335. In the meantime, the traders appear to be largely undecided with respect to the pair's prospects—53% of positions are long and 47% are short.