GBP/AUD 4H Chart: Descending Triangle

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GBP/AUD 4H Chart: Descending Triangle

• The British Pound had been trading against the Australian Dollar in a descending channel for a month.
  
• However, after reaching the pattern’s upper trend-line for the second time, it failed to make a fully-fledged rebound and stopped at the 1.6644 level, which coincides with the channel’s reaction low.
  
  
• The fact that in the first hours of Monday’s trading session the currency pair started to climb upstairs indicates on formation of a descending triangle.
  
• If this assumption is true, the pair is expected to gradually surge to the triangle’s resistance line and make another rebound near the weekly R1 at 1.6940.
  
• However, there is high probability that a combination of the 55-, 100- and 200-period SMAs will push the currency rate back to the weekly PP at 1.6781.