GBP/AUD 1H Chart: Rising Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
While GBP/AUD appeared to be sketching an ascending triangle pattern on the hourly chart, it went on to post several confirmations of a rising wedge pattern. The pair is now targeting the bottom trend-line o the formation around 1.6215, but will have to under-step 1.6230/25 in order to approach the area. While we expect the rate to make one more wave north, any stickiness at the lower boundary will signal a downward breakout with the first support level resting at 1.6163. The area is, however, still tough to break because of a cloud resistance as well as several other indicators.
© Dukascopy Bank SA
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