GBP/AUD 1D Chart: Descending Triangle

Source: Dukascopy Bank SA
GBP/AUD looks fairly bearish on the daily chart, suggesting that lows untackled since 2013 might come into the picture rather soon. The pair is currently trading inside of a red cloud and is steadily climbing up towards the northern boundary of the pattern. It will encounter supply at 1.6550/6626 on its way towards 1.6652 where we expect for it to bounce off and start a wave south that could lead to a downward breakout eventually. The multitude of levels are bound to make the motion down reasonably flatter and ultimately lead to a break below the bottom bound of 1.5974.
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