GBPAUD bearish scenario:
In this pair we have technical figure Channel UP. The Chanel Up has broken through the support line at 04/11/2020. Forming a bearish formation on a daily chart. If price holds below this level we will have possible bearish price movement with forecast for the next 12 days with target 1.78442. Our stop loss order should be placed at 1.85280 if we decide to enter this position.
FUNDAMENTALS
- Pound (GBP ) traders will be awaiting tomorrow’s Bank of England (BoE) interest rate decision. Although the Bank is expected to hold rates at 0.1%, any dovishness about the UK economy would prove GBP-negative. Tomorrow will see the release of the latest UK Construction PMI for October. If this sinks significantly, then the Pound would suffer. The UK set to enter lockdown as of midnight tonight. Consequently, the GBP/AUD exchange rate will fall as the outlook for the economy darkens.
In this pair we have technical figure Channel UP. The Chanel Up has broken through the support line at 04/11/2020. Forming a bearish formation on a daily chart. If price holds below this level we will have possible bearish price movement with forecast for the next 12 days with target 1.78442. Our stop loss order should be placed at 1.85280 if we decide to enter this position.
FUNDAMENTALS
- Pound (GBP ) traders will be awaiting tomorrow’s Bank of England (BoE) interest rate decision. Although the Bank is expected to hold rates at 0.1%, any dovishness about the UK economy would prove GBP-negative. Tomorrow will see the release of the latest UK Construction PMI for October. If this sinks significantly, then the Pound would suffer. The UK set to enter lockdown as of midnight tonight. Consequently, the GBP/AUD exchange rate will fall as the outlook for the economy darkens.