GBP/AUD: 1-hour
Now here’s one for the trend traders in the ‘hood! GBP/AUD has been in a downtrend, with the falling trend line connecting the recent highs on the 1-hour forex chart still holdin’ like a boss. The pair has pulled back up to the trend line and 200 SMA resistance, which line up with the 1.7800 major psychological level, and appears to be hitting a ceiling. Stochastic hasn’t quite reached the overbought zone yet but it seems to be pointing down, suggesting that selling momentum might return in a while. In that case, GBP/AUD could make its way back down to its previous lows near the 1.7700 mark.
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