GBP/AUD 1H Chart: Broadening Rising Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
After touching the 1.7214 level on the 8th of September GBP/AUD started to form the broadening rising wedge pattern. At today's opening the pair's bulls made an attempt to penetrate the upper trend line, which is also represented by the monthly R1 at 1.8085. However, the attempt was unsuccessful and the pair slid lower towards July low at 1.7990. At the mean time, the technical indicators are pointing to the north, suggesting that the current up-trend is likely to continue. Moreover, the traders' sentiment is also bullish, with 59.88% of the traders favouring the Pound.
© Dukascopy Bank SA
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