The GBP/AUD has formed a retracement pattern and if the bullish momentum persists we should see higher levels hit.
The pair has been supported above 1.8225 zone. However, we couldn’t see a clear bullish momentum above W L3 level. In that case a new bullish momentum might spark further upside above 1.8320. If 1.8220 zone fails, the pair might drop to 1.8165 and that will end the retracement higher and might put the pair in another downside extensional move.
The Analysis has been done with the CAMMACD.Core and Sit Systems
For a look at all of today’s economic events, check out our economic calendar.