GBPAUD near all time low on monthly / weekly trend line.
GBP lost ground to all major currencies since March 2020 but has been able to recover except with AUD and NZD. What to expect from here for GBPAUD and with GBPNZD? This analysis only refers to GBPAUD levels. If you draw the trend lines on weekly or even on a monthly chart, the pair has touched lower side of the upward trend that has been going on since October 2016 and these levels are 1.80562. Further this falls at exactly near to 0.50 FIB levels. During the week ended 05th June on a daily chart, the pair came to this level on three occasions and was pulled back sharply above 1.8075 levels. I can see a very good and quick upward potential towards 1.90 levels in the coming weeks and reaching again towards 2.0 will take time. However, on the downside, if the pair breaks 1.8050 levels, then the next good support is at 1.76 that also coincides with 0.618 FIB levels and may you can go short then.
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