The GBPAUD pair has been moving in an uptrend since mid-April this year. In July, the uptrend is still visible and the price is between two parallel levels of support and resistance forming an upward channel.
GBPAUD in an uptrend
Price rebounds from the uptrend channel resistance
Possible divergence on H4
On the H4 chart we can see that today the price reached the resistance of the channel reaching the level of 1.8780. After reaching the maximum of this year the supply reaction appeared and the price began to fall sharply.
On the basis of the H1 chart we can assume that the first supply target may be the demand zone at 1.8715. A downward divergence is ongoing on the MACD. If on the H4 MACD oscillator also goes into a downward phase and divergence appears, it may be a signal that the declines will be more durable.
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