FX:GBPAUD   British Pound / Australian Dollar


Nice idea on GBPAUD and there may be potential gains as you have identified by going long. Currently price is approaching our first support at 1.8451, which lies just below the support level that you are expecting a bounce. It is a horizontal overlap support, with a 61.8% Fibonacci extension and 38.2% & 23.6% Fibonacci retracement. RSI is approaching our support and we could see a corresponding bounce in price. Ichimoku cloud is also showing signs of bullish pressure. If a corresponding bounce does occur, we may want to take a look at the 1.9026 major resistance, which is similar to the resistance level that you have identified. There is a 76.4% Fibonacci retracement at that level. Excited to seeing how things develop.

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