GBP/AUD 4H Chart: Bullish in short-termThe GBP/AUD exchange rate has been trading in a junior ascending channel pattern since the beginning of December. The surge began after the pair reversed from the lower boundary of a dominant ascending channel at 1.7218 on December 3.
The currency pair breached a resistance level formed by a traditional weekly pivot point at 1.7934 during the morning hours of Monday’s trading session.
Everything being equal, it is likely that the currency exchange rate will continue its upside momentum within this week. The potential upside target for the British Pound will be near the upper boundary of the junior ascending channel pattern at 1.8129.
