GBPAUD started off the week with a gap up testing above the last month high at 1.88627. As the market was calm due to U.K holiday last day, the pair is experiencing a bearish move for the second consecutive day. In the Daily Time frame, the ascending trendline from the bottom of December’18 is been broken in the month of March’19 but failed for a downward pull as the pound experienced a greater than expected Manufacturing PMI for the month of march. Retesting the trendline for the first time, GBPAUD bears managed to break below the previous low( April 1’19) at 1.82827 and bounced back at 1.80900 region ( April 17’19), and surges defeating 2 weeks with a release of weaker than expected CPI. The pair forming higher highs in the last week, finally tested the Long term trendline for the second at the start of this week. In the hourly time frame we can see that the pair dropped around 0.60% as the RBA central bank held rates at a record low, dashing speculation it may ease policy following a below-par reading of inflation. After the release of RBA rates, the pair is currently stalling at the 1.86500 hourly support and is expected to fall breaking the hourly support targeting 1.85500 and further below 1.84000. On the other side, we have the weekly trend showing bullish and 1.84500 would be a good support for the pair to bounce back in the upcoming trading days.

GBPAUD TODAY:
Daily open: 1.87330
Daily Last high: 1.87846
Daily Last Low: 1.86184
Daily current growth: -0.55%