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GBPAUD Bearish Price Action Offers Hint for Next Week
GBPAUD has been in consolidation mode since the post-Brexit selloff that caused prices to plunge 2,600 pips in just 12 trading days. The consolidation, which began with the July 11th multi-year low, has carved out an ascending channel on the intraday charts. But before we get to that, let’s take a look at where the pair sits on the daily chart. As you can see, today’s price action is in the process of forming a bearish outside day. Depending on where the session closes, this alone could be an indication of a move lower next week. However, if you read yesterday’s commentary on AUDUSD (which made its intraday ... (full story)