GBP/AUD 1H Chart: Descending Triangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
At the beginning of October, GBP/AUD failed to approach the major level at 1.87 after a repeated attacks. Moreover, with this recent decline the pair has formed a descending triangle pattern.
Currently, the pair has reached the apex of the triangle, thus a break-out is expected at any time. The technical studies are not a great help this time as they are sending mixed signals. By the definition the pattern should be breached to the downside, since the triangle patterns are continuation patterns. Also a slight majority of the SWFX market participants expect that the pair will continue to decline. If the daily and weekly S1 does not hold the pair then a sell-off towards 1.80 level could follow.
© Dukascopy Bank SA
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