GBP/AUD 4H Chart: Descending Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
In the end of the previous week, GBP/AUD confirmed the descending triangle pattern by crossing its upper boundary. As a result, a strong appreciation of the British currency followed that event. Right now the pair is already trading close to the 1.94 level. However, this mark is strengthened by the monthly R1 and weekly R2 from above and they are assumed to calm pair's bullish intentions for some period of time. Nevertheless, the long-term growth of the Pound is almost inevitable and there are little chances that it will return back below 1.85. Daily and weekly technical studies are giving strong "buy" signals, even though market participants have a slight bearish bias (54%).
© Dukascopy Bank SA
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