GBP/AUD 1H Chart: Descending Broadening Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
As the bullish momentum of GBP/AUD seen in the second half of April could not handle the resistance at 1.83, the market is now bearish. However, instead of fluctuations between two parallel trend-lines, the trading range of the currency pair was constantly widening. Accordingly, there is now a strong case for the descending broadening wedge, which is generally considered to be a reversal pattern. Nevertheless, its upper trend-line (right now at 1.7970) is still intact, meaning that the near term is likely to be associated with a sell-off rather than with a rally. In the meantime, the traders are convinced that the Pound is going to appreciate—63% of open positions are long.
© Dukascopy Bank SA
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