Forex forecast/ GBP/AUD/ Our expectations
Middle-term down trend, short-term upward trend. The price broke diagonal resistance and FiBo 38.2 and broke out from the formed Triangle figure in upward direction. The price made higher top, which indicates that the bears are losing power and the long positions are getting more attractive. CCI(50) broke level 100 which means that the positive sentiment is strengthens.
Sentiment: Positive for GBP. After the last report from MPC ( BoE committee ) the expectations of the market are now set for a interest rate hike in the next few months., which support the currency.
Alternative scenario: If the price breaks below the support levels and get back into the triangle, the positive scenario will be dismissed.
SL: 1.6680
Trader Bozhidar Arabadzhiev
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