GBP/AUD 4H Chart: Bears market
During the past one month, the British Pound has depreciated heavily against the Australian Dollar. The currency pair reversed from the upper boundary of a dominant ascending channel on April 28 and has reached two months low level.
A breakout has occurred through the lower boundary of the dominant ascending channel as can be observed on the chart. Also, the GBP/AUD exchange rate has continued to trade in a descending pattern and has provided confirmations on both sides that the rate is likely to decline further south.
Given that the aforementioned breakout had occurred, the currency exchange rate could continue to fall until it encounters a support set by the weekly pivot point near the 1.76 mark.
A breakout has occurred through the lower boundary of the dominant ascending channel as can be observed on the chart. Also, the GBP/AUD exchange rate has continued to trade in a descending pattern and has provided confirmations on both sides that the rate is likely to decline further south.
Given that the aforementioned breakout had occurred, the currency exchange rate could continue to fall until it encounters a support set by the weekly pivot point near the 1.76 mark.