GBP/AUD Descending Triangle: Moving Up for the Fifth Time
GBP/AUD pair has formed a descending triangle pattern. In this pattern, the price is bouncing between a consistent 1.9610 support level and a declining resistance line. The support 1.9610 remains same, while the resistance is getting lower, showing that sellers are getting stronger.
Currently, the price is moving within this triangle, testing the support multiple times while facing resistance at the lower highs. The price recently broke out from a smaller downward movement within this pattern and is approaching the triangle resistance for the fifth time.
Currently, the price is moving within this triangle, testing the support multiple times while facing resistance at the lower highs. The price recently broke out from a smaller downward movement within this pattern and is approaching the triangle resistance for the fifth time.
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