Hello traders! GBP/AUD recently has rejected the simple uptrend trendline, after which it broke above the downtrend trendline. Currently, the price is at the 50 Exponential Moving Average, which might or should provide the support for the GBP/AUD on the daily timeframe.
As long as the price remains above the uptrend trendline, buyers will continue to dominate on GBP/AUD, which might result in a 475 pip growth in the next couple of weeks. This is because the next key resistance is located at 1.8600 psychological level, which is confirmed by 50% as well as 227.2% Fibonacci retracement level as can be seen on the chart.
On the downside, a break below the uptrend trendline will immediately invalidate the bullish forecast and GBP/AUD should be expected to continue trending down, potentially towards the 1.7800 support area.
Bias: Strongly bullish while above 1.8080
Potential Support Zone: 1.8100 – 1.8120
Potential Targets: 1.8160
Have a profitable trading!