GBP/AUD 4H Chart: Falling Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Earlier this week we mentioned a potential bearish channel emerging in the four-hour chart of GBP/AUD but noted elevated upside risks due to a trend-line that had been playing a major role for seven months starting with last year's August. The closer the price was getting to this support, it was becoming increasingly clear that the pair was forming a falling wedge instead. The upper bound of this pattern has now been broken, and this implies a strong bullish outlook. The nearby targets are 1.9620 and 1.9730, but there is a good chance that eventually the Sterling will recover back to the May highs, as the currency is currently resuming the up-move we had been observing between April 21 and May 26.
© Dukascopy Bank SA
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