GBP/AUD 4H Chart: Falling Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Australia and Britain are both sending optimistic signs, pushing domestic currencies higher. Nevertheless, traders are betting for a continuous appreciation of the loonie, as GBP/USD has been moving lower since January 24. At the moment of writing the pair was struggling to go above or below the 200-period SMA. A move above it will clear the way for the upper trend line, while a drop below the SMA will indicate bears' readiness ti test weekly S1 at 1.7906. Technical indicators are mixed and do not give a clear ‘buy' or ‘sell' signal. More than 60% of opened positions are long, while 87% of pending orders are placed to sell the pair, increasing the uncertainty surrounding the pair.
© Dukascopy Bank SA
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