GBP/AUD 4H Chart: Rising Wedge

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Source: Duakscopy Bank SA
© Dukascopy Bank SA
GBP/AUD has been showing a very stable performance, appreciating since February, and adding 0.54% to its value today. However, the pair is facing a bunch of strong resistance levels– three-year high and pattern's resistance, meaning bulls may face difficulties after some time. In addition to that market sentiment is strongly bearish, suggesting market is overbought already and a short retracement is needed. In contrast, aggregate technical indicators and sending "buy" signals, pointing at further appreciation. The short term outlook would be bearish, while in a longer period the pair is likely to resume following an uptrend.
© Dukascopy Bank SA
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Wed, 21 Aug 2013 13:38:14 GMT

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