GBPAUD – Week 8 – It’s still messy

As we were saying last week, GBPAUD is in a monthly downtrend that is making a big weekly correction which will probably feed the next down move. The price is still in the range that started at the beginning of the month. We have to watch the price action in the important area of decision between 1,776 and 1,77 to decide where the next big move will be; one more up and then continuation of the downtrend, or straight down to create new lows without the up leg.

Trade with care.

Best regards,
Financial Flagship

Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.