GBPAUD upside retracement. Retracement/ Reversal
The daily momemtum on GBPAUD is still currently bearish at the moment and a new lower low has just been formed on the daily. I plotted a fibnocci on the daily time frame from the relative high to the relative low and i can see that price will most likely retrace to the upside.
Also, on the 1 H time frame, we can see clearly that a double buttom has been formed and price has broken above the neckline and is now retesting to go higher. There are lot of uncertainties surrounding GBP as regard the Brexit Deal so this retracement can possibly turn into a reversal. What i envision for GBPAUD, is a retracement to the upside to 1.7800.
Also, on the 1 H time frame, we can see clearly that a double buttom has been formed and price has broken above the neckline and is now retesting to go higher. There are lot of uncertainties surrounding GBP as regard the Brexit Deal so this retracement can possibly turn into a reversal. What i envision for GBPAUD, is a retracement to the upside to 1.7800.