My thoughts on GBPAUD (requested by one of our subs)
- Technical analysis: After a strong uptrend in the last recent week (impulsive candles and HHHL structure), GBPAUD almost retest the strong 4hr demand zone (OB zone). This is strong OB zone because the bullish impulsive candles broke more than 3 previous high. Moreover, the short volume is currently decreasing (means less traders are taking short).
- Fundamental analysis: UK is one of the countries that have massive recovery from COVID pandemic (61.1% of total population got vaccinated). This indicates that #GBP can go up in the next weeks.
Hence, my bias for GBPAUD is long.
- Technical analysis: After a strong uptrend in the last recent week (impulsive candles and HHHL structure), GBPAUD almost retest the strong 4hr demand zone (OB zone). This is strong OB zone because the bullish impulsive candles broke more than 3 previous high. Moreover, the short volume is currently decreasing (means less traders are taking short).
- Fundamental analysis: UK is one of the countries that have massive recovery from COVID pandemic (61.1% of total population got vaccinated). This indicates that #GBP can go up in the next weeks.
Hence, my bias for GBPAUD is long.