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Britishpound

GBP/AUD Downtrend May Resume on Wedge BreakoutThe Australian Dollar may resume gains against the British Pound following weakness since early April. GBP/AUD's bounce has been slowing, and now a breakout under a bearish Rising Wedge is in focus. Further downside confirmation could hint at downtrend resumption, placing the focus on the early-April low at 1.7175. Beyond that sits the 2018 and October 2017 low. This is as the 50-day Simple Moving Average could continue maintaining a broader downside bias, holding as resistance in the event of a turn higher. Otherwise, confirming a breakout above 1.7887 could precede further upside progress towards the March high. FX_IDC:GBPAUD
Short
by QM_Dubrovsky
1
GBPCHF Rejection on the 1D MA200. 1-month downtrend ahead.The GBPCHF pair got rejected yesterday on the 1D MA200 (orange trend-line) and today is on the strongest recent red 1D candle that is about to test the 1D MA50 (blue trend-line) as a Support. Basically, the Bearish Megaphone pattern I presented more than two months ago is still intact, hitting all targets: As you see, the price hasn't yet broken above the Lower Highs trend-line of the pattern and the new rejection on the 1D MA200 serves as the latest Lower High. A break below the 1D MA50 and potentially subsequent Lower Highs on the 1D RSI, should serve as confirmation of a test of the 1.21000 Support. That is our short-term target. Based on the previous Lower Low sequence, we can even see an extension towards the 2.0 Fibonacci level. That is currently at 1.1950. -------------------------------------------------------------------------------------------------------- Please like, subscribe and share your ideas and charts with the community! --------------------------------------------------------------------------------------------------------
Short
by TradingShot
4
GBPAUD Bullish Divergence on RSI may stop the sellingThe GBPAUD pair has been declining after the January 28 Lower High on the multi-year Channel Down. As long as the 1D MA50 (blue trend-line) is holding as Resistance, this bearish sentiment should continue to dominate. During the last Lower Low leg in July 2020, when the 1D MA50 broke to the upside, the selling stopped and GBPAUD turned sideways on a neutral price action. Before that, the first sign to warn of this change in trend was the bullish divergence on the 1D RSI, which was on Higher Lows while the price action was on Lower Lows. We suggest to keep selling only if the Diverging Lower Lows trend-line breaks (dashed line) and target the -0.5 Fibonacci extension (orange trend-line). Until then, wait for the 1W MACD to make a Bullish Cross and buy. If that takes place above the Diverging Lower Lows line, target the 0.786 Fib retracement level within the Channel Down (blue). If it takes below the Diverging Lower Lows, target 1.77000. -------------------------------------------------------------------------------------------------------- Please like, subscribe and share your ideas and charts with the community! --------------------------------------------------------------------------------------------------------
by TradingShot
2