GBP/AUD projected to resume the bullish trend

GBP/AUD projected to resume the bullish trend

GBP/AUD is finding demand between the 1.8052 and 1.7916 levels, which coincides with the Fibonacci areas of 50% and 65% respectively, giving the demand needed to resume the overall bullish bias. To achieve that, the pair should break above the 200 SMA at H1 chart in order to put the focus towards the Fibonacci level of -23.6% at 1.8722. However, if the lows from May 4 give up, then a leg lower to test the 1.7792 level (78.6%) could happen.

RSI indicator is hovering around the overbought territory.

GBPAUDH1.png

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