GBPAUD just hit a level of demand as of this morning (London session) and based on AUDUSD which also hit a supply should see GBPAUD break up higher. There is a potential for this pair to make over 1000 pips. There is also a gap at around 2.00000 indicated by arrow. The double bottom also indicate a bullish pattern. HOLD on to your seats!
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CPI news for AUDUSD worst than expected 0.2 Actual, Expected 0.5. This translate into a nice catalyst for price to move higher for GBPAUD pair.
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We now have a little speed bump a head. The daily sentiment is up so I still expect the price move higher
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RBA announced rates cut by 25bp, cut from a cash rate of 2% to 1.75%. AUDUSD was heading towards 0.7700 before this announcement and if you look closely at the daily chart for AUDUSD head & Shoulders formed and this is also a confirmation for a bearish trend.
Therefore, GBPAUD moving in the opposite direction.
Therefore, GBPAUD moving in the opposite direction.
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This pair has already done over 1000 pips as mentioned at the beginning. We could now be heading towards 2.0000.
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"RBA ready to cut rate again" was the news now sending GBP soaring against AUD. Getting closer to 2.0000