GBP/AUD has recently completed the Falling Wedge chart pattern identified by Autochartist on the 4-hour charts. The overall Quality of this chart pattern is rated at the 7 bar level as a result of the strong Initial Trend (7 bars), above-average Uniformity (6 bars) and higher Clarity (8 bars). The bottom of this chart pattern (point F on the chart below) formed when the pair turned up from the support area close to the long-term support level 1.4700 which has been reversing the pair up from the July of 2011 (as is shown on the second chart below). The subsequent upward price impulse from the support at 1.4700 broke the upper resistance trendline of this Falling Wedge. The strength of this Breakout is rated at the maximum 10 bar level. The pair is expected to rise further toward the Forecast Price 1.4854.
The following weekly GBP/AUD chart shows the previous price action close to the major support 1.4700:
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