GBPAUD is bouncing off the support
GBPAUD is bouncing off the strong support 1.8000. For an upside continuation and a higher probability of the long trade entries, we need to see a confirmed break above 1.8200. A rejection of this level is required for a downside continuation. The overall medium-term is downtrend but we need to see a confirmed break below 1.8000 to see extension downside. The pair has formed an Inverse H&S formation and could go for a neckline test of 1.8400.
Note – We are inclined to long trade entries with the stop loss below 1.8050
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