The British Pound is gradually gaining value against the Australian Dollar in a short-term ascending channel. Formation of the pattern began after the currency exchange rate bounced off from the bottom trend-line of a preceding descending channel. An impulse given to the new uptrend was enough to push the pair through the 55- and 100-hour SMAs. However, in the middle of this week the rate has stuck at the monthly PP at 1.7020 and managed to break only on the third attempt. It has not been clear yet, but it seems that this delay will signify formation of the rising wedge. Assuming that it's true, the pair is expected to leave the formation in the beginning of next week. In the opposite scenario, there is still a great chance that surge of the rate will be constrained by the weekly R1 at 1.7096.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.