GBP/AUD: 1-hour
Last but not least is this simple trend play showing up on GBP/AUD’s 1-hour forex chart. A rising trend line can be drawn to connect the recent lows of price action since the start of the month, and it looks like the pair is ready to test this support area once more. The trend line coincides with the 200 SMA, which has acted as a dynamic support level in the past and may continue to keep losses at bay. At the same time, stochastic is starting to climb out of the oversold area, suggesting that pound bulls could start charging once more. In that case, price could revisit its previous highs at the 2.0550 minor psychological mark or even make new ones. A downside break, on the other hand, could mark the start of a reversal.
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