Tuesday 4 August 2015

Some Correction for GBP/AUD?




It looks like the GBP/AUD bullish trend is finally stalling and maybe a correction is about to begin or has already begun. As you can see in the screenshot above, there has not been such a significant drop in a single day for quite a long time. The pair could not break above the resistance at 2.1530 and moved to the downside, breaking below the support at 2.1200 with ease. I think it will likely continue descending until it reaches the support at 2.0880 visible on the daily filter chart. Whether it will continue falling below that level is unclear at the moment, but it is possible. Either way, for now there is no significant signal that the bullish trend is reversing.

4 comments:

  1. Amazing correction, but the bullish trend is still in place.

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  2. A good opportunity for the bulls for some profit taking.

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