GBPAUD from August 2017 is moving in an upward trend and during this time the increases amounted to 2,300 pips. The maximum was reached at the end of March and set a maximum at 1.8500. Since then, the quotes have tried to overcome this level several times but ineffectively and after a month of consolidation the supply gained an advantage leading to overcoming the support – the lower consolidation limit – 1,8160. Following the falls, the price reached the trend line, and then returned to re-test previously defeated support, which now took the role of resistance.
On the H4 chart, we can see that the growth trend line has been tested again today, but the supply has defended this level and the pair is back in decline. If this trend persists in the case of the Sell order, the situation seems quite clear. The level of the last local high of 1.8230 is a good place for SL locations, and TP, in this case, is a support zone in the area of 1.7600.
