Since a half year GBPAUD moved in a downtrend. Price moves inside bearish regression channel and its upper band wasn’t tested since early November. Yesterday price reached important support 1.9900 and today bullish rebound occurred. You shouldn’t see this as trend reversal, but it is likely that some upward movement will occur and it should reach at least 2.0640.

However, if current support breaks, another equally strong support is at 1.9000. If today’s upward movement will be continued targets for bulls should be located at 2.0640, 2.0860. Only break above last indicated level will be a signal that downtrend was finished.

Try FX GROW. Spread from 0.00001 also STP/ECN execution, full transparency. FxGrow launches new feature packed Website with technical analysis and economic calendar.

Time-frame D1

GBPAUD-D1

Error, group does not exist! Check your syntax! (ID: 3)