GBP/AUD 1H Chart: Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The pair has recently violated the upper trend-line of a triangle pattern, therefore confirming this figure to the upside. Additional bullish impetus was also provided by the 55-hour SMA, currently at 2.1939, which is following GBP/AUD by inching higher. We expect the Sterling to continue appreciating in the next 24 hours, as suggested by 4H and daily indicators. Moreover, there is a tough support area placed below the spot price. The next supply to combat bullish intentions of the pair is located at 2.2150 (daily and weekly R1). A move above this mark will clear the way up to 2.23 in the medium-term. As for market sentiment, bears are in a slight majority with 52% of all trades.

© Dukascopy Bank SA
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