The GBP/AUD currency pair has been stuck in the 760-pips range since March. In the second half of April, there was a rebound from the support of this range at 1.8100, and in May the exchange rate returned to the upper limit at 1.8861.
As can be seen from the daily chart below, the 6 May session opened with a growth gap that was closed the same day. During that same session, new maxima were also set. However, when the gap was closed, the price slid consistently, which confirmed the validity of the resistance at 1.8861.
The current week also opened with a gap, but this time with a downward gap, followed by a test of the abolition of 61.8% of the last growth movement. Today, however, the increases after the rebound from 1.8396 have continued.
The nearest local resistance is nearly 1.8581 (previous support). However, if the price is to continue to move to the lower end of the range, it is necessary to close the day below level 1.8396 and the previous low.
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