GBPAUD – after short break price is continuing downward movement

Last week support at 1.8820 caused rebound which was finished just after two days and at the beginning of current week price returned to declines. Declines lasts since August 2015 and there wasn’t any bigger rebound in this period. The support at 1.8820 yesterday was broken and today supply is trying to break another support (but weaker) at 1.8620. It is likely that this level won’t stop declines and another level which may cause rebound is located at 1.8390. This level is strengthened by 78.6% Fibonacci retracement of previous upward movement.

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Time-frame H4