GBP/AUD 4H Chart: Bulls Could Prevail

Technical analysis of Forex market

The British Pound has edged higher by 1.67% against the Australian Dollar since last week’s trading sessions. The currency pair tested the 1.8600 mark on Monday, July 12.

Technical indicators suggest buying signals on the 4H, daily and weekly time-frame charts. Most likely, long traders could continue to drive the exchange rate higher during the following trading sessions.

However, the upper boundary of an ascending channel pattern could provide resistance for the GBP/AUD currency exchange rate within this week’s trading sessions.