GBPAUD has been rangebound since the Middle of September but is attempting a break below the range today. We have had two previous attempts to break lower with a daily candle close below opening up a larger move to the downside. The next key support area rests around the 1.8500 handle which is 400-odd pips away.
If price does fail to close below today it could still do so tomorrow following the BoE meeting. The 200-day MA will provide resistance as it rests just above the 1.9000 handle while another hurdle rests at the 1.9110 mark.
Your analysis captures a crucial mix of technical levels and upcoming fundamental events. As the BoE meeting approaches, traders should indeed be ready for potential price swings. Your strategy seems to encompass possible scenarios following the BoE decision, which is crucial for adjusting positions in real-time. Remember to maintain a solid risk management approach, especially when trading around such high-impact news events. Keep it up!
TheFxAce
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The evidence you present for a bearish market trend is thorough and persuasive.