GBP/AUD inside a strong sell zone

GBP/AUD inside a strong sell zone

GBP/AUD managed to reach the 200 SMA at H4 chart, but it was sold-off in a supply zone established by our Fibonacci projections. According to the theory, the pair pulled back from the range between the 1.7051 and 1.7155 levels across the board, which coincides with the 50% - 61.8% Fibonacci areas and the 200 SMA. If the bearish path continues to strengthen, then we may expect the next mid-term target to be tested around 1.6403 (-23.6%).

RSI indicator is at the negative territory, favoring the downside scenario.



Latest news

GBP/USD: confirmed "Thorn" pattern

The last "Pennant" pattern has been broken, so bulls found resistance at 1.2915. Nevertheless, the market is likely going to move on, so we should...


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