Update

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Updated: 17 December 2019

Good day traders! GBP/AUD had a decent push higher since price reversed from my support zone early last month. Price reached my target level at 1.9488 but fell short of my upper channel and red warning lines which currently lies between 1.9633 – 2.000.

I would expect price to be drawn towards that zone before strong resistance sets in. Swing trading GBP/AUD to the downside might be a possibility but I would like to see a reversal pattern from within that zone on a weekly timeframe first.

Until next time, happy and safe trading!

Regards

Richard Krugel