HomeContributorsTechnical AnalysisGBP/AUD 4H Chart: Tests Resistance Cluster At 1.8153

GBP/AUD 4H Chart: Tests Resistance Cluster At 1.8153

During the past week, the British Pound has lost about 1.31% of its values against the Australian Dollar. The currency pair moved closer to the bottom border of an ascending channel pattern at 1.8000.

The exchange rate is currently testing a resistance cluster formed by the 50– and 100-hour SMAs at the 1.8153 area.

If the cluster holds, a potential breakout through the lower boundary of the channel pattern could be expected in a short while.

However, if the currency exchange rate passes the moving averages, Bulls could push the pair towards a swing high of 1.8336 during the following 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.

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