GBP/AUD Approaches Key Breakout Zone in Symmetric Triangle

In today’s technical analysis, let’s take a look at the British Pound to Australian Dollar (GBP/AUD), which has been trading within a symmetric triangle pattern marked by black lines for the past few weeks. The pair has been moving sideways in a rather uneventful manner, but it seems that this period of consolidation is nearing its end. As we approach the right side of the triangle, the lines are narrowing, indicating a potential breakout is imminent.

So, how can we trade this setup? A breakout above the upper black resistance line would serve as a strong signal to buy, suggesting a bullish continuation. Conversely, a breakout below the lower black support line would signal a bearish move and provide a clear signal to sell. For now, it’s best to wait and see which direction the price chooses as it prepares to make its next significant move.

Source: https://www.axiory.com/analytics/technical-analysis/gbp-aud-approaches-key-breakout-zone-in-symmetric