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Approaching Resistance

GBPAUD

Good day traders! The GBP/AUD currency pair has been trading higher since my last update on the 12th of November. Price is currently trading near the 16th of October high with two longer-term pitchfork lines residing slightly above that high around 1.9125.

With price approaching the previous high and pitchforks lines, we might see some profit-taking soon. How GBP/AUD reacts to those resistance lines could provide a clue as to what price will do in the near-term.

I will not be surprised to see a temporary pullback around the 1.9125 level, but if price breaks that level with decent momentum to the upside, then we could see a move towards the 1.9488 level or even higher towards 1.9603.

Until next time, happy and safe trading!

Regards

Richard Krugel

by Richard Krugel November 19, 2019
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