GBP/AUD 4H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
After receiving a strong bullish impulse in April, GBP/AUD has been only appreciating and is now approaching a three-year high. While technical indicators on three different timeframes are pointing at further appreciation of the pair, the majority of traders are opening short positions, considering the pair as an overbought already. Additionally, Mark Carney's comments and pledge to keep borrowing costs low until the unemployment rate reaches 7%, should boost demand for GBP. Meanwhile, his comments already helped GBP/USD to bounce back from the two—week low. Taking into account all previously said, the short term outlook is bearish, while long term– bullish.
© Dukascopy Bank SA
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