GBP/AUD 4H Chart: Rising Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Pound started to outperform the Australian Dollar on third week of November and ever since then it has not looked by. Even more, it has formed a rising wedge pattern.
We do not expect to see a big change in the scenario; although, the 1.90 level remains the target. Nevertheless, the technical studies, namely the 4H and daily ones, are neutral; therefore, a period of consolidation is possible. Moreover, the SWFX market participants are also neutral, with 53% of them having opened short positions. We expect the pair to continue to build to its momentum, before reaching and breaching the psychological level at 1.90.
© Dukascopy Bank SA
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