GBP/AUD 4H Chart: Rising Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Although previously it seemed as if GBP/AUD has been trading within a bullish channel, now there are well-grounded concerns that we observe formation of a rising wedge. The trading range of the currency pair started to narrow, and instead of two parallel trend-lines the peaks and lows are connected by two converging lines, which implies an increasing chance of a bearish break-out. In this scenario the main target will be a cluster of supports at 2.0250, where the Jun 25 low merges with the 200-period SMA and monthly PP. Meanwhile, the SWFX traders are pessimistic with respect to the Sterling, since as many as 72% of positions are set to profit from the currency's depreciation.
© Dukascopy Bank SA
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