GBP/AUD 1H Chart: Broadening Rising Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Sterling will most likely rebound against the Australian Dollar in the nearest future, as there are attempts being made to violate the closest resistance area just below 2.10. This supply consists of daily and weekly pivot points, as well as the 55-hour SMA. Success here will imply an additional rally in the direction of 2.1220 where the pair peaked before falling under heavy bearish pressure and losing almost four figures on Monday. On the bullish side, daily technical indicators are pointing to the upside. However, near-term studies are less optimistic and the Pound remains overbought (63%) in the SWFX market. Meantime, a drop under 2.0850 (trend-line) will refocus our attention to weekly S1 at 2.0770.
© Dukascopy Bank SA
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