FxWirePro

GBP/AUD intermediate bear trend signals reversal at 50% Fibo.Ret

FX:GBPAUD   British Pound / Australian Dollar
165 0 7
21DMA - 1.9693

7DMA - 2.0146

Spot ref: 2.0919

Bull swings taking support at 50% fibo retracements form bullish candle with big real body on monthly terms, previous intermediate downtrend seems to have reversed but volumes yet to confirm.

The current prices have jumped above DMAs, EMAs and broken above major resistances at 1.9738 and at 2.0152 levels.

Both leading oscillators have remained in overbought trajectory but no proper confirmation of bearish pressures.

For now, we think the prevailing upswings can be extended along with the indecisiveness in leading indicators.

Convergence between price, volumes and leading indicators resembles like a trend reversal, however, one needs to be cautious and wait for volumes confirmation.

Trade tips:

With all above technical reasoning we advise aggressive bulls to take over rallies, thus, on speculative grounds we recommend buying boundary binary options as the pair currently testing supports at 7DMA.

With a view to extract maximum leverage on extended profitability as a result of potential upswings boundary binaries fetch exponential returns as we've chosen restricted strikes.

Keep an upper strike at 2.0506 and lower strike at 2.0228.
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