GBPAUD Analysis 11/05/2023

BRITISH POUND / AUSTRALIAN DOLLAR H4 Time Frame

Major Trend = Uptrend
Minor Trend = Downtrend

Nearest Support Area = 1.85900-1.86440
Nearest Resistance Area = 1.87940-1.88400

Overall Bias = Long
Short Term Target = 1.87940-1.88400
Ideal Target = 1.89550-1.90000
Invalidation Level = 1.85900

Notes :
Another interesting GBP pair is GBPAUD where price have been in a strong uptrend since the start of 2023. Currently price is retesting its major support zone with a potential falling wedge pattern forming.

Our 1st Main & "Ideal" Scenario is the black paths where price is expected to make a nice clean break out from its pattern neckline and continues its upwards trend with an ideal target around 1.89550-1.90000. This scenario is still valid unless price breaks below 1.85900.

The 2nd "Worst Case" Scenario is the red paths where price fails to break out (or makes a false break out) before correcting lower to its next major support zone around 1.83922-1.84380.

Note that later on the Bank Of England will also discuss another possible interest rate hike of around 25 Basis points to 4.5% which could effect price positively.