GBP/AUD 4H Chart: Ascending Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A short, but possibly, highly profitable ascending triangle pattern was formed by Pound– Aussie cross and it seems the pattern is moving closer its apex. The main reason for it is that both trend lines will converge on September 5. Even though the pair is currently trading in the lower part of the pattern, technical indicators are pointing to the upside breakout. However, 65% of all opened positions are short, suggesting the short– term outlook is bearish and bulls may push the pair towards the support line. Meanwhile, bulls are facing a strong resistance at 1.7488– Daily R2 and the highest since August 2010, hence the appreciation can be limited.
© Dukascopy Bank SA
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