- GBP/AUD completes the M-formation pattern to the target.
- There is now too much weekly support to contemplate fading the rally.
As per the prior analysis, GBP/AUD Price Analysis: Monitoring for bullish structure to target 38.2% Fibo, the price has indeed moved to the target area.
GBP/AUD is in the hands of the bears but there are prospects of an upside correction according to the following analysis taken from a daily M-formation and managed from an hourly chart.
The daily chart is showing that the price is resisted at this juncture and could be due for a continuation to the downside.
However, the weekly chart shows that the price is being supported and bound by weekly support and resistance:
Until the area is cleared, there is just as much likelihood that the pair can continue higher from this support area, especially given that the daily M-formation is a bullish pattern.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.