GBP/AUD 4H Chart: Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
During the last 80 bars the GBP/AUD currency pair has been trading in a narrow range, and formed a triangle pattern, which is moving to its apex. Both trend lines will converge on July 25, therefore this pair is very attractive and can be highly profitable, as in case of a breakout, the pair will be followed by high volatility. Current market sentiment is bearish (67%), adding to signs a downside breakout is the most expected scenario. However, in a longer term, the appreciation of the Pound versus the Aussie can be anticipated, as aggregate technical indicators on 1W chart are pointing to the north.
© Dukascopy Bank SA
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