GBP/AUD 1H Chart: Double Top

Source: Dukascopy Bank SA
© Dukascopy Bank SA
GBP/AUD has been trading in the range between 2.10 and 2.1260 since Wednesday of the previous week. Therefore, boundaries of the double top pattern are remaining intact for the time being. Market sentiment suggests that the cross will be able to reach the 2.0994 mark, which is the valley between two tops. However, the long-term outlook is unclear at the moment, as the mentioned horizontal line is being approached by the 200-hour SMA, currently located at 2.0977. It increases the likelihood of a reverse in the medium-term. Moreover, daily technical indicators are sending signals to acquire the Sterling, as they expect the pair to grow in course of the next 24 hours.

© Dukascopy Bank SA
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