GBP/AUD 4H Chart: Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Sterling has been filling up the triangle pattern since the third week of January, by hovering strictly inside the pattern's boundaries. However, the trading range has narrowed to minimal in course of the last couple of weeks. This fact is well-proved by all 55, 100 and 200-period SMAs being located very close to each other at the moment. The pair is currently trading below these levels, thus keeping a risk of failure to rebound. Despite that, daily and weekly technical indicators suggest that bulls will eventually push the British Pound to the upside. Market participants, in turn, are more or less neutral on the cross, with bears having a slight 51% vs 49% advantage over bulls.
© Dukascopy Bank SA
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