GBP/AUD 1H Chart: Broadening Falling Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The British Pound has been tilted downwards against its Australian peer since the beginning of the spring; however, a formation of the broadening wedge pattern started only in mid-March when the pair performed an unsuccessful attempt to consolidate above the 200-hour SMA.
At the moment, the pair is gradually retreating as a drop below the 50-hour SMA at 1.8274 added some selling pressure. At the same time, traders do not consider the weakness will persist, with the proportion of long positions on the SWFX being almost 60%.
© Dukascopy Bank SA
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