GBP/AUD 4H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
After fluctuating in boundaries of the rising wedge pattern for almost two months, the GBP/AUD currency pair decided to penetrate the lower trend line. On Monday the pair penetrated the lower trend line, and according to technical indicators on the daily and weekly charts, the pair will continue its depreciation. Traders are still not decided, as there is an almost equal number of short and long positions. Additionally, the number of pending orders is also distributed almost evenly. A move below weekly S1 at 1.7930 will be a clear bearish signal, and therefore, bears will try to penetrate another strong support at 1.7857.
© Dukascopy Bank SA
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