The following Key Levels chart shows the extended horizontal support Level 1.5516 (type Approach) identified by Autochartist on the 4-hour GBP/AUD charts.
Autochartist rates the Significance of this support at the 5 bar level. Its Length is equal to 217 candles.
GBP/AUD is forecast to fall to 1.5516 – in line with the long-term downtrend visible on the weekly GBP/AUD charts. The price high (B) located midway between the last two reversals from 1.5516 (points A and C) formed when the GBP/AUD reversed down from the weekly channel resistance trend line standing near to the long-term resistance 1.6300 (as can be seen on the second chart below). The strong downward momentum gained by the pair after the reversal from point B should help lower the price to the Key Support 1.5516 in the nearest time.
The weekly GBP/AUD chart below demonstrates the longer-term picture of this pair’s movement: