GBP/AUD 4H Chart: Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Sterling is taking a break right now after a prolonged rally that started in May. A symmetrical triangle is a continuation pattern, and we expect the currency pair to resume the advancement, especially considering the technical indicators. Once the resistance level at 2.1530 is overcome, GBP/AUD will confirm its bullish intentions. The first objective will be the monthly R1 at 2.1859, followed by the monthly R2 at 2.2315.
The outlook will be changed in case the price dips beneath the demand area around 2.11, which consists of the monthly pivot point, August 13 low, but most importantly—of the 200-period simple moving average.
© Dukascopy Bank SA
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