GBPAUD pulled back, still likely to drop back
As described previously, GBPAUD drop due to the action from BOE has been partially recovered. However the recovery is not yet into the previous 1-hour level central region. (1.7543 and 1.7489)
We can see a new 15-min level central region is formed, and current price is showing a sign of escaping this region upwards, we need to wait and see if it will manage to get back to the 1.7489 price level. (meaning going higher than previous peak of 1.7450.
The reason I put a short label on GBPAUD is that current level of 15-min upper trend re-bounce seems weaker than the previous advance between 11 July and 20th July.
We can see a new 15-min level central region is formed, and current price is showing a sign of escaping this region upwards, we need to wait and see if it will manage to get back to the 1.7489 price level. (meaning going higher than previous peak of 1.7450.
The reason I put a short label on GBPAUD is that current level of 15-min upper trend re-bounce seems weaker than the previous advance between 11 July and 20th July.
Comment:
Looks like I under-estimated the short term up-driving trend. Recent up-rising GBPAUD managed to restore the price back into the big 1-hour level central region. This situation leads to a change of my view to hold for GBPAUD
