GBP/AUD 4H Chart: Double Top

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
On Monday we were describing a rising wedge pattern formed by GBP/AUD, and this time we have a double top. Similarly as a day earlier, the pair is approaching pattern's support, while the market sentiment has turned even more bearish– 74% compared with 72% on Monday. Additionally, the fact technical indicators on 4H chart are sending "sell" signals, is reinforcing a view in the nearest future the pair will break the support line. However, it seems the pair is facing difficulties around 1.704, currently represented by 200-bar SMA, therefore, after touching this level the pair is expected to rebound and move to the north.
© Dukascopy Bank SA
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