Since March 2013 GBPAUD moves in the upward movement. In early July price broke up resistance and in August was re-test. Since April 2015 GBPAUD is moving in the upward channel. Last Monday attempt to leave the channel top failed. As a result, this caused the descent to the bottom of the channel.
H1 Time-frame
Descent that took place in last week took the form of a simple correction ABCD and fall in the GBPAUD stopped the 2.1420 level. For the bulls there will be a strong resistance level of 2.2100. In the short term resistance should be broken and upward movement continues.
