HomeContributorsTechnical AnalysisGBP/AUD 4H Chart: Sets For Breakout

GBP/AUD 4H Chart: Sets For Breakout

The British Pound has been trading in a junior ascending channel against the Australian Dollar. The exchange rate bounced off the bottom border of the pattern on June 5 and has since rallied.

The currency pair tested the upper boundary of a downtrend line during the early hours of yesterday session and made a pullback. As a result, the pair dashed through the three SMAs.

Given that the GBP/AUD currency exchange rate is moving toward the lower boundary of the junior ascending channel pattern, a breakout south could be expected within the next trading sessions.

Dukascopy Swiss FX Group
Dukascopy Swiss FX Grouphttp://www.dukascopy.com/
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.

Featured Analysis

Learn Forex Trading