GBPAUD Possible Reversal

19 באוק׳ 2023

On the monthly timeframe, GBPAUD recently encountered a significant obstacle as it was decisively rejected from a crucial long-term trendline. Currently, the currency pair finds itself in the process of retesting a daily trendline. Given this price action, it seems increasingly likely that GBPAUD is poised for a substantial downtrend over the coming months. This retest of the daily trendline may serve as a pivotal moment for traders, and I anticipate that the pair is likely to sustain this downward trajectory for a minimum of two months, potentially signaling a prolonged bearish trend.