A review of the most interesting investment opportunities is a daily cycle of analyses created under the auspices of the Tickmill broker, in which every day we present the most interesting possible investment setups using Price Action techniques.
Looking at the quotations of the pair GBPAUD we will notice that as a result of the increases lasting from 5 June this year, the rate reached the area of previously defeated support (now resistance) 1.7930, coinciding precisely with the measurement of the 50% Fibonacci correction, where the supply response appeared. Despite this, the zone was not immediately rejected, and a consolidation was created in its vicinity, from which only last week pair broke downwards. At the moment we are witnessing a retest of the lower limit of this box, and if only this resistance is rejected, we could expect pair to fall again.
The current situation on the GBPCAD currency pair is quite similar, where the market is also currently re-testing the recently defeated support (now resistance). If this zone were to be permanently rejected, further decreases could be expected in the near future, with possible ranges around 1,7090 or even 1,6810.
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