GBP/AUD: 1-hour
Bounce or break? GBP/AUD is currently testing the bottom of the descending triangle chart pattern on its 1-hour forex time frame. Support near the 1.9600 major psychological level seems to be holding for now, but stochastic is almost in the overbought area. This indicates that buyers might need to take a break and that sellers could take over, which means that a downside break from support is possible. If that happens, GBP/AUD could fall by around 400 pips, which is around the same height as the triangle pattern. On the other hand, if a bounce takes place, price could climb to the top of the triangle near 1.9800.
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