GBP/AUD 1H Chart: Rectangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The pair is trading in the boundaries of rectangle pattern since the middle of July, recently touching the resistance line at 1.8191. Inside this longer term pattern recently formed a short term double top pattern (from 7th to 8th August), since then GBP/AUD has weakened. Nonetheless, after the current consolidation the pair should decline further towards the rectangle's support, weekly and monthly S1 at 1.7985/76. The shorter term (1H and 4H) technical studies are neutral; however, the daily technicals are to the downside. Therefore, a decline towards 1.80  is likely; although, there is also a possibility that we could see a break-out towards the 1.79 mark.
© Dukascopy Bank SA
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