GBPAUD → False breakdown and upward movement to retest

٢٤ يوليو ٢٠٢٣

GBPAUD continues to form a bullish trend, as the high timeframe tells us.
The price makes a false breakdown of the moving average and returns to the range.



The price has returned to the ascending price channel and may form a retest or consolidation above the support level in the nearest future.
At the moment the price is squeezed within the flat 1.9184 and 1.9035. Most likely the price has the upper boundary of the range as a target.
An intraday retest of resistance may follow for a breakout.
Since we have an uptrend, a false breakout of support and MA-200, the market is ready to continue rising.
Another breakout attempt at 1.9184 may be successful and the price may show active growth.

Support levels: 1.9035, trend support
Resistance levels: 1.9184
I expect a retest of resistance with a subsequent breakout. Medium-term target: 1.9393.

Regards R. Linda!