GBP/AUD 4H Chart: Descending Triangle

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.