By: Dima Chernovolov
GBP/AUD continues to fall toward the key 4-hour support level 1.8222 which was previously identified by Autochartist. Autochartist rates the Significance of this support level at the 6-bar level – which is the result of the six previous price reversals from this price level. GBP/AUD is expected to continue to fall toward the support level 1.8222.
As can be seen from the daily GBP/AUD chart below – the pair earlier reversed down from the major resistance area located between the long-term resistance level 1.8520 and the upper daily Bollinger Band. The proximity of this resistance area increases the probability GBP/AUD will continue to fall toward the forecast price 1.8222.