GBPAUD started an uptrend movement after BOE rate decision

Aug 7

GBPAUD started an uptrend movement after BOE rate decision

Today, the Bank of England cut interest rates by 25 basis points to 4% from 4.25%.

BoE Governor Bailey explained that he has not changed his view on the direction of the interest rate path, the question is the timeframe. The BoE is hinting at prolonged higher rates, weighing on growth, sending an aggressive signal to the market.

GBPAUD strengthened after the rate decision was released and has risen further since then.

GBPAUD broke out of this bullish triangle pattern. The breakout looks strong and the volume that the price has increased was high.
I expect a small pause before GBPAUD moves further to 2.0650 and possibly higher to 2.0700, where it was also rejected several times, but where it was also tested several times.

You may find more details in the chart!
Thank you and Good Luck!

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Aug 7

Note

Aug 11

Trade closed: target reached

Aug 12

Note

GBPAUD confirmed another bullish pattern during the RBA meeting. So far, the market is still moving against the AUD, despite the RBA Governor's optimistic comments. GBPAUD is still rising and from this new pattern it could extend to the second target we had earlier, near 2.0710.

This is AUD weakness, not GBP strength. The bullish pattern should push GBPAUD a few points higher today unless the RBA surprises at the end of the meeting.

Aug 12

Note