GBPAUD: Support in Focus – Will Support Hold or Lead to a Drop?
Updated
GBPAUD is currently at 1.9630, and there's an important support level at 1.9587. We have two possible scenarios to watch for:
If the price holds above 1.9587: This could be a sign that the price will move higher. If it stays above the support, we could see it rise to around 1.9693.
If the price breaks below 1.9587: If it goes below the support level, then we might see the price drop further, possibly down to the trendline support, which is between 1.9520 and 1.9500.
So, watch how the price reacts around 1.9587. If it holds, we might see a move up to 1.9693. But if it breaks, the price could drop towards 1.9520 and 1.9500.
If the price holds above 1.9587: This could be a sign that the price will move higher. If it stays above the support, we could see it rise to around 1.9693.
If the price breaks below 1.9587: If it goes below the support level, then we might see the price drop further, possibly down to the trendline support, which is between 1.9520 and 1.9500.
So, watch how the price reacts around 1.9587. If it holds, we might see a move up to 1.9693. But if it breaks, the price could drop towards 1.9520 and 1.9500.
Trade closed: target reached
GBP/AUD broke support at 1.9587 and hit our target of 1.9500.
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