Ransquawk

The GBPAUD is in a short-term downward trend, however, since the last week of last year, until yesterday pair struggled with the support area within the level of 1,7128. As can be seen in the H4 chart below, the efforts of the supply have not been in vain and finally managed to successfully overcome the above-mentioned support zone. The price set a low around 1.7096 and now corrects the declines. Quotations are already closer to the broken support area at 1,7128, which is now a resistance, and additionally coincides with the 20-period SMA. It is therefore a good place to look for sell opportunities and to join the current trend. Above there is a downward trend line running from the December 20th high. Only the closing of quotations over this line will question the bearish bias of the GBPAUD.

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Ransquawk