GBPAUD: slight break of the bullish channel
Over the last 2 weeks, GBPAUD managed to break the support given by the bullish parallel channel, and pushed lower towards 1.7475. We can see a slight rebound in progress, which may turn into a bullish trend.
Moving onto the daily chart we can see the price trying to push down, in a bearish countertrend, but being stopped at regular levels at what looks like key support levels, around 1.8 and 1.788. We can use these for intermediary targets on the bullish trend we are looking for.
Since our short / medium term bias is long, we are looking on the 4H chart for a reversal pattern to use as an entry point. A key resistance level of the latest few days is around 1.7675, as ticks touched and broke it however no candle closed above. In case any bullish candle will close above that level, we can enter a long position, targeting 1.8 in the short term and 1.87 in the medium term.
Moving onto the daily chart we can see the price trying to push down, in a bearish countertrend, but being stopped at regular levels at what looks like key support levels, around 1.8 and 1.788. We can use these for intermediary targets on the bullish trend we are looking for.
Since our short / medium term bias is long, we are looking on the 4H chart for a reversal pattern to use as an entry point. A key resistance level of the latest few days is around 1.7675, as ticks touched and broke it however no candle closed above. In case any bullish candle will close above that level, we can enter a long position, targeting 1.8 in the short term and 1.87 in the medium term.