GBP/AUD has been acting quite choppy in the past several weeks. At the same time, it moves higher. Although, the pair has already formed a double top, it could move slightly higher to test the area of 2.01 as there are no signs of reversal.
Following our previous forecast (https://www.instaforex.com/forex_analysis/60619/), where the upside target was at 2.0089, the GBP/AUD pair should return at least to a high of 28.05 near 2.0050.
After a strong corrective move downwards, it could be a good entry point to buy GBP/AUD once again in the short term. Consider entering long position anywhere between the current rate and the S1 (1.9603). Target area is clearly between the previous high (2.0050) and the R2 level (2.0089). Only a daily close below S1 could be a signal of a potential downward reversal.
Support: 1.9604, 1.9453, 1.9307
Resistance: 1.9789, 2.0089
The material has been provided by InstaForex Company – www.instaforex.com