GBP/AUD 4H Chart: Falling Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Sterling is nearing the channel down's lower boundary at the moment, meaning we could see some bullish pressure in the near-term. We would allow for the losses to continue for 200 additional points and the GBP/AUD cross will finally reach the monthly S2 and trend-line at 2.0119. Here we foresee some purchases of the Pound, also given that the SWFX sentiment is long in 59% of all cases. At the same time, this bullish-bearish distribution raises additional downside risks, as GBP can become too overbought. Moreover, weekly technicals are giving signals to go short on this particular FX cross. In case a drop below 2.01 takes place, we will expect the 2.00 round level to offer support for GBP/AUD.
© Dukascopy Bank SA
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