GBP/AUD today broke the high Quality Triangle chart pattern identified by Autochartist on the daily charts. Autochartist rates the overall Quality of this chart pattern at the 9 bar level as a result of the maximum Initial Trend (rated at the 10 bar level), strong Uniformity (9 bars) and significant Clarity (8 bars).
The completion of this Triangle continues the preceding sharp upward daily price impulse from the major support level 1.4700 (the maximum Initial Trend reflects the strength of this upward impulse). The bottom of this Triangle (point C on the chart below) formed when the pair corrected up from the 61.8% Fibonacci Retracement of the aforementioned preceding upward price impulse from 1.4700. The pair is expected to rise further toward the Forecast Price 1.5701.GBP/AUD" title="GBP/AUD" width="600" height="248">
The following daily GBP/AUD chart shows the support levels mentioned above:GBP/AUD Daily" title="GBP/AUD Daily" width="600" height="656">