The GBP/AUD currency pair has been trading in a triangle-Like formation since early July. The Pound Sterling tested the upper boundary on July 12 and reached the bottom border two weeks ago.
The exchange rate is currently stranded between SMAs and pivot points. The 55– and 100-hour SMA and the monthly PP was providing resistance at 1.7739, while the 200– hour simple moving average and the weekly pivot point were providing support at 1.7722.
Everything being equal, a breakout is likely to occur within this session. Technical indicators favour bearish breakout.
