GBPAUD 4H Chart: Possible retracement

The British Pound has been bound by an ascending channel against the Australian Dollar since the beginning of January. The lower boundary of the dominant channel was reached on January 11 and the pair has since remained trading along the channel.

Meanwhile, a breakout from the upper boundary of the dotted triangle pattern can be observed on the chart.

Everything being equal, the pair is likely to continue its rally until it finds resistance at the combination of the weekly and monthly PPs near 1.7891 mark.