Since last year’s August GBPAUD moves in a downtrend. Previous wave of declines finished at 2.0170 (almost 7-months low) and rebound occurred. Price was gaining until Monday when after reaching a downtrend line (coinciding with Fibonacci 78,6%) new wave of falls occurred.
Today downward movement is continued, but declines are paused by support 2.0470. There is no sign that this support should stop declines. It is very likely that after its breakout, lower limit of downward channel will be tested. Currently that lower limit coincides with strong support 1.9900. However if bulls strengthens, the trend reversal momentum will try to close the price above 2.1000 level. This would mean break above: downtrend line (time-frame H4) and downtrend channel (time-frame D1).
Time-frame H4
Time-frame D1
