GBP/AUD 1H Chart: Rising Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
GBP/AUD has been in a strong up-trend since Nov 19 and covered more than 10 figures during this time period. However, at the same time the trading range of the pair was gradually narrowing, leading to formation of the reversal pattern on the four-hour chart. Just recently the price has encountered a tough resistance at 1.8158, an event that resulted in a break-out to the downside. Still, the Great British Pound does not seem to be in a hurry to depreciate regardless of the fact that the up-trend support line has been breached. If none of the nearest pivots are able to stop the decline, eventually the rate is likely to descend down to the 200-period SMA at 1.7167.
© Dukascopy Bank SA
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