GBP/AUD up 0.68% on the day, Aussie weakness post CPI miss adding support. Focus on UK Q2 GDP print for further impetus. The following are forecasts from a few major banks: UK Q2 GDP likely to post 0.4% q/q rise in the initial print - Nomura UK Q2 GDP to come in at 0.3% q/q - TDS UK Q2 GDP to come in unchanged at 0.2% - HSBC UK Q2 GDP likely up 0.3% q/q - ...
GbpAud forms a symmetrical pattern, the chart's decline forms a symmetrical pattern with the previous decline (blue trendline) with a fall in the 100% expansion fibo area. Possibly the price will go up just like the previous rise (red trendline) at 100% expansion fibo at 1.80284 price or reach the gap area
GBPAUD is trading in a channel since long time and is trying to push on the upside. While looking at the strength of the bulls and the resistance to take support it is likely that it may break on the upside on RBA rate meeting! Due to the uncertain nature of markets, enter according to the price action.
On the 4 hour time frame GbpAud is setting up for a nice flush down. When you look at the daily time frame you see this correspondents with the downward channel there that just bounced off from the upper range. Making it not only very likely that the 4 hour will move down but also that it will break the support (red line) Entry: cmp SL: 1.6840 TP: 1.6660 > 1.6470