GBPAUD Most optimal buy here but bearish if broken.

FX_IDC:GBPAUD   British Pound / Australian Dollar
The GBPAUD pair has broken below the first Channel Up (dotted lines) and in extension the 1D MA100 (green trend-line). Currently it is testing the bottom of the second (and final) Channel Up (blue). Technically that is the most optimal level to buy for the medium-term and target 1.997800 (Resistance 1). On top of that, the 1D RSI bounced back after becoming oversold below 30.00, the lowest it has been since September 26 2022, which was the absolute market bottom.

If the price breaks below Support 1 (1.885250) we will have confirmation of a potential long-term bearish reversal. Then the ideal level to enter will be following a rebound on the 1D MA200 (orange trend-line) and a clear rejection near the 1D MA50 (blue trend-line) as we will have confirmation that it has become a Resistance and the market sells long-term. In that case our target will be 1.75000 (towards Support 3).


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