GBP/AUD 4H Chart: Ascending Channel

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Pound has been surging against the Australian Dollar in an ascending channel, which formed in the aftermath of the pair's rebound from the larger scale pattern's lower trend line. On a larger scale, namely the weekly chart, a descending channel, which begins on April 2015 can be seen. Most recently the currency exchange rate reached the ascending channel's resistance line and began to attempt a break out from the pattern. However, the situation needs to be monitored, as a breakout is most unlikely, and that will provide an opportunity for traders to short the pair. Although, the pair is still not oversold, as 61% of SWFX trader open positions are short, which means that the rate could break out and form an ascending broadening wedge pattern instead of the channel.
© Dukascopy Bank SA
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