GBP/AUD 1H Chart: Broadening Falling Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
After bottoming out at 2.0225 on Friday of the previous week, since then the Sterling has been gaining value against the Australian Dollar. The pair has already risen by two figures and is now going to encounter an important resistance area at 2.0457/87. Here we expect from the pair to test 100-hour SMA, daily R1 and weekly pivot point. Given that technical indicators on all time frames are pointing to the upside, a continuous growth seems possible at least in the next 24 hours. On top of that, 67% of all SWFX positions are short, meaning the Pound is oversold and has capacity to climb. In the meantime, any possible failures will not be expected to extend below the first heavy support zone at 2.0140/16.
© Dukascopy Bank SA
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