GBP/AUD 1H Chart: Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
It seems GBP/AUD has finally escaped the boundaries implied by the symmetrical triangle. The currency pair has broken out to the downside and immediately has reached the first target at 1.80, represented by the Jun 4 low and daily S1. Accordingly, we may now expect a small retracement from this support back to the up-trend at 1.8020. However, subsequently the selling pressure should once again intensify and bring the price down to the last week's low at 1.7940. Meanwhile, the market appears to be equally divided between the proponents of a decline and those who believe the British Pound is going to outperform the Australian Dollar.
© Dukascopy Bank SA
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