Outlook on GBPAUD: Further downside to be seen

Aug 11, 2021

Hi everyone, GBPAUD played out nicely last week. For this week, prices remain under pressure, holding below the descending trend line where we could see a further downside to test our support target at 1.87110, in line with the -27% fibonacci retracement. A pullback to test the resistance at 1.88450, in line with the 50% fibonacci retracement presents an opportunity to play the drop.