GBP/AUD Downtrend May Resume on Wedge Breakout
The Australian Dollar may resume gains against the British Pound following weakness since early April.
GBP/AUD's bounce has been slowing, and now a breakout under a bearish Rising Wedge is in focus. Further downside confirmation could hint at downtrend resumption, placing the focus on the early-April low at 1.7175.
Beyond that sits the 2018 and October 2017 low.
This is as the 50-day Simple Moving Average could continue maintaining a broader downside bias, holding as resistance in the event of a turn higher.
Otherwise, confirming a breakout above 1.7887 could precede further upside progress towards the March high.
GBPAUD
GBP/AUD's bounce has been slowing, and now a breakout under a bearish Rising Wedge is in focus. Further downside confirmation could hint at downtrend resumption, placing the focus on the early-April low at 1.7175.
Beyond that sits the 2018 and October 2017 low.
This is as the 50-day Simple Moving Average could continue maintaining a broader downside bias, holding as resistance in the event of a turn higher.
Otherwise, confirming a breakout above 1.7887 could precede further upside progress towards the March high.
GBPAUD