GBP/AUD recently broke the 4-hour Descending Triangle as you can see below. The pair is expected to fall to the target level 1.7966 in the nearest time. The breakout of this Descending Triangle continues the earlier downward price impulse from the strong resistance zone (which has been reversing the pair from May) set between the resistance level 1.8300 and 38.2% Fibonacci Correction of the earlier downward impulse from January. The breakout of this Descending Triangle coincided with the breakout of the weekly support trendline from last year (as you can see below).
The weekly GBP/AUD chart below shows the longer-term picture of this pair’s movement:
