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Fan Yang

GBP/AUD Closing in on a Cluster of Support Factors

GBP/AUD has been consolidating since making a high on the year 2.2370 back in August. As we can see in the daily chart, this consolidation was in the form of a falling wedge. 

GBP/AUD Daily Chart 11/25

(click to enlarge)

As we can also see in the daily chart, price is at the support of the noted falling wedge and there is a bullish divergence brewing.

Just a little lower, around 2.05, there is the 200-day simple moving average and a rising trendline. A break below 2.05 might take away the bullish outlook, but for now, despite a medium-term sideways-bearish market, the longer term outlook is still bullish, and buyers might find price and technical conditions attractive here around 2.05. 

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