FxGrow Daily Technical Analysis – 30th Dec, 2015
By FxGrow Research & Analysis Team
GBPAUD - 6-months low
GBPAUD declines since August 015. Previous upward movement is corrected (it took place between September 2014 and August 2015). Price broke below Fibonacci 38,2% and declines continued (six months low was reached).
Nearest support is 2.0000 and it is target for declines. However it is more likely that rebound will take place at lower level. Stronger support that coincides with Fibonacci 50% is at 1.9800. This level should be a good spot for a rebound. If demand tries to finish this correction and return to uptrend, price will need to break above 2.0450 level.
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Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.