GBP/AUD 1H Chart: Descending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
With the results of the UK vote on whether to remain in or leave the European Union on June 23, the GBP/AUD pair started and formed a descending triangle pattern, from which it has already broken out, confirming the pattern. The pattern confirms a continuation of the Sterling's depreciation against the Australian Dollar. At the moment, the currency exchange rate is at 1.7851 by 10:30 GMT, and it continues to move downwards. As the pair moves lower, it is set to meet with a cluster of support made up of the monthly S3 at 1.7680 and weekly S1 at 1.7651. If the exchange rate rebounds against the support cluster or due to any other reason moves north, it is set to test the monthly S2 at 1.8355.
© Dukascopy Bank SA
Back to articles

Actual Topics

Subscribe to "Fundamental Analysis" feed

Subscribe
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.