GBP/AUD 4H Chart: Falling Wedge

At least in the short run the bullish scenario seems quite unlikely for the GBP/AUD currency pair. Last week the bears breached an important support cluster around 2.0360, including the monthly pivot point and several moving averages. Now the pair is already nearing the second weekly support at 2.0074, which is guarding the January low at 2.00. Considering that the pair seems to be oversold (64% short) in the SWFX market, a revival has a chance to commence from this round level. Nonetheless, long-term technical indicators are pointing to the South, meaning we are more likely to see the 1.99 mark being tested in the next few days. Violation of this support will expose the monthly S1 at 1.9747.