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.
What a big correction!
ReplyDeleteCorrection starts.
ReplyDeleteAmazing correction, but the bullish trend is still in place.
ReplyDeleteA good opportunity for the bulls for some profit taking.
ReplyDelete