FX.co ★ providenci91 | GBP/AUD

Hello everyone and may your trades be profitable! We are currently trading the GBPAUD pair at the level of 2.0486, and I believe that its downward cycle has not yet completed. Although on the four-hour and daily timeframes we have reached the lower boundary of the trading range, indicating a potential price increase, on the hourly timeframe, the bottom has not been reached yet. It is likely that we need at least an attempt to continue the price drop. Therefore, I think that from the current levels around 2.0475, the GBPAUD pair will show another wave of price decline towards the support level at 2.0316. However, this drop could be used to open long positions on the GBPAUD pair with the target of returning it to the resistance at 2.0520 and attempting to break above it.