GBAUD: We have a break of the rising wedge on the 4HR which we can use as a confluence with the new lower high created by the pair.
This as well as the touch of the FIB 61.8% retracement level.
Our final target for this pair is 1.75000 which also lines up as a monthly support, a.e: previous resistance.
We can already note a very bearish momentum on this pair following the 8AM candlestick which shows a lot of bearish strength however will wait on closure for extra confirmation.
On the fundamental side of things we have the leadership electoral contest in more or less 2 hours which sees Boris Johnson set to become the new prime minister. In my opinion this would drive the pound further down which isn't different for GBPAUD.
This as well as the touch of the FIB 61.8% retracement level.
Our final target for this pair is 1.75000 which also lines up as a monthly support, a.e: previous resistance.
We can already note a very bearish momentum on this pair following the 8AM candlestick which shows a lot of bearish strength however will wait on closure for extra confirmation.
On the fundamental side of things we have the leadership electoral contest in more or less 2 hours which sees Boris Johnson set to become the new prime minister. In my opinion this would drive the pound further down which isn't different for GBPAUD.