CFD Trading Charts

GBPAUD Technical Analysis Report 10 December, 2020

  • GBPAUD broke strong support area
  • Likely to fall to 1.7527

GBPAUD currency pair continues to fall after the earlier breakout of the strong combined support area lying between the pivotal support level 1.7950 (which has been repeatedly reversing this currency pair from the start of October) and the 50% Fibonacci correction of the upward ABC correction from the middle of September. The breakout of this support area is aligned with the predominant downtrend that can be seen on the daily charts and should accelerate the active impulse waves 3 and (3).

Given the rising sterling bearishness seen across the FX markets today on weakening hopes the Brexit deal can still be reached till the deadline at the end of this month  – GBPAUD can be expected to fall further toward the next major support level 1.7527 (monthly low from September and the target for the completion of the active wave 3).

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