GBP/AUD 4H Chart: Triangle

Another qualitative, long and broad pattern was created by the Pound/Aussie cross. A typical continuation pattern, namely a triangle, was confirmed yesterday. Now the outlook turns bearish for the UK currency and we will probably see a sell-off extending substantially to the south in the near term. GBP/AUD has just set a new November low below 2.11. Both weekly S2 and monthly S1 are placed within 40 pips from the current spot price, while 4H indicators assume the pair will succeed in breaching these supports. However, we are closely watching the 2.0792 mark (Oct low), which is under threat of being eliminated next week. Meantime, 67% of SWFX traders are sharing bearish views on GBP/AUD.