The 1.7500 could be playing a key role in a long-term price development because as long this is being respected, there is a high probability that GBP/AUD will be heading towards the 1.8300 . It can be seen that price has formed a range zone, as it continues to consolidate between 1.7500 support and 1.8400 .
Keeping in mind that the consolidation phase could be ongoing, GBP/AUD is likely to be moving towards the top of the range. Perhaps it will not reach the highest point, but the price can rise towards the 1.8280 . At this price area, there are two levels, as can be seen on the chart. The first is 23.6% Fibs applied to the overall downtrend, which took place between March 2019 - September 2020. The second is the 88.6% Fibs applied to the last wave down, which occurred between August-September 2020.
Therefore, as long as the recently printed low is being respected, GBP/AUD could be rigging by 500-600 pips. On the other hand, if 1.7424 is broken, the downtrend continuation will become the most probable scenario, and the outlook will be immediately invalidated.
Key support levels: 1.7424, 1.8284
Key resistance levels: 1.8030
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Disclaimer: The analysis presented in this article is for educational purposes only and should not be considered as financial advice.
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