GBP/AUD 1H Chart: Broadening Falling Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
GBP/AUD peaked at 1.8654 on sixth of November and since then the pair has slid below the 1.80 mark. Meanwhile, a formation of a broadening falling wedge pattern has occurred.
The pair has recovered above the 1.80 mark, after falling below the level last week; however, most likely the Pound will retreat below the major level once again. A distinct majority of the technical indicators are also pointing to the downside, thus that could encourage the pair's bears even more. Nonetheless, at the same time the SWFX market participants are bullish on GBP/AUD as 63.71% of them have opened a long positions.
© Dukascopy Bank SA
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