GBP/AUD 1H Chart: Triangle

At the moment GBP/AUD appears to be closing in on the apex of the symmetrical triangle it has been forming since the beginning of July. However, it must be noted that the lower trend-line can be extended to the June low. Consequently, the risks are considered to be skewed to the upside, and the resistance at 1.8251, represented by the down-trend and weekly PP, may soon be broken, a scenario that is supported by the weekly technical indicators. Then we will look at Jul 10 and Jul 3 highs as potential targets. But the traders seem to be sceptical regarding a rally—right now they are almost equally divided between the bulls (53%) and bears (47%).