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Short-term Trading Idea FX GBP/AUD – Bull Speculation: Continuing Trend Growth

Trading opportunities for currency pair: a rebound from 1.8826 and 1.8979 has formed a strong support zone. The GBP/AUD has renewed to 1.9766 due to fundamental events. The market is set for a northward movement along the trend. According to technical analysis, it’s possible to mark out three target zones: 2.0026, 2.0220 and 2.0468.

The market participants’ mood has markedly improved after the Conservatives won the UK parliamentary elections. The Bank of England’s governor has announced that the next step will be to raise the interest rate, whilst the RBA has dropped their rate by 0.25% to 2%.

The GBP/AUD rate has renewed from a minimum of 1.8979 to 1.9766. Now the pair is trading at 1.9562. The bulls are readying themselves for a movement northwards. According to technical analysis, three target levels can be earmarked: 2.0026, 2.0220 and 2.0468.

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Attention:

Forecasts which are made in the review constitute the personal view of the author. Commentaries made do not constitute trade recommendations or guidance for working on financial markets. Alpari bears no responsibility whatsoever for any possible losses (or other forms of damage), whether direct or indirect, which may occur in case of using material published in the review.

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