Today morning GBPAUD rebounded from support. The price reacted at 1.8320, first there was a false breakout and next sharp rebound. EBC meeting and later press conference of Mario Draghi had no effect on this movement. High volatility at other currencies especially EURUSD didn’t affect GBPAUD.

Nearest target for upward movement which has started today’s morning is located at 1.8510. Next resistances are at 1.8630, 1.8710. The latter coincides with the upper limit of bearish regression channel (in which price has been moving since almost 2 months). Thus it is likely that 1.8710 will stop upward movement. In a mid-term there are lower lows and lower highs, so current movement should be treated as correction and not as a trend reversal.

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Time-frame H1

GBPAUD-H1

Time-frame H4

GBPAUD-H4

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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.