In the last analysis of GBPAUD I wrote about potential rebound from resistance at 1.6483. Such reflection actually took place, and on daily chart was drawn bearish engulfing candle shown below.
After moving to H1 chart, we see that rebound from resistance stopped at local support near 1.6188. From this place was activated bullish movement, which led the price to resistance at 1.6348.
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Conversely, on resistance at 1.6348 formed a top, and in last hour the supply side entered the action and all the growth lasting from yesterday afternoon was abolished. In addition, the price closed under the 20-period SMA. Bearing in mind above, further falls and a new support test are expected in 1.6188. If price manage to defeat it than will be opened way to a key defense level close to 1.60.
