Retracement to 61.80% Fibonacci Level
Currently, the GBP/AUD pair has retraced to the 61.80% Fibonacci level, which is a significant level frequently observed in retracements. This level often attracts buyers who missed the initial move and are seeking favorable entry points. The presence of buyers at this level could provide support and fuel further upward movement.
In addition to the Fibonacci retracement, the ascending channel is an important technical pattern to consider. The retracement to the 61.80% Fibonacci level provides an opportunity for the pair to re-integrate the channel and resume its upward momentum. This pattern suggests that buyers remain in control and are likely to push the price higher.
The target for this potential bullish move is set at the following pivot point, 1.9546, which also aligns with a Fibonacci extension level. This level may act as a resistance and provide an objective for you to consider when setting your profit targets.
In addition to the Fibonacci retracement, the ascending channel is an important technical pattern to consider. The retracement to the 61.80% Fibonacci level provides an opportunity for the pair to re-integrate the channel and resume its upward momentum. This pattern suggests that buyers remain in control and are likely to push the price higher.
The target for this potential bullish move is set at the following pivot point, 1.9546, which also aligns with a Fibonacci extension level. This level may act as a resistance and provide an objective for you to consider when setting your profit targets.
Comment:
We have closed the day a bit bolow the level. The RBA decision is in a few hours, if the forecasted data is exact we should get back in profit. On the other side, if it is not as expected, the setup will be invalid.