GBPAUD falls since 5 weeks. Correction has to occur in all trends even in as strong as this. Current level give a chance that rebound may occur at the moment. Price reached support in 1.8970 – 1.8820 area. Of course you can’t count on trend reversal, but some correction in such oversell price should occur. If price rebounds nearest target for falls will be at 1.9280. After break above indicated level next target is located at 1.9590. During tomorrow’s ECB meeting we have to be prepared for high volatility on the main currency pairs, which should cause higher volatility also at GBPAUD.

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Time-frame H4

GBPAUD_H4

Time-frame W1

GBPAUD_W1

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Author of worldtrader.pl blog and big supporter of technical analysis. Active medium-term trader. In his analysis uses classical charts, price action as well as harmonic patterns and Elliott Waves. In trading he always tries to take into account two points of market's view, in accordance with the principle that each transaction may be attractive both for the demand and supply traders.