Here is why;
Monthly;

  • Price broke a major monthly region at 1.9970 and in the process has formed a higher high which shows that price is bullish.
  • The long term monthly targets, I believe are 2.0375
  • However, that is not important for intraday trades

Weekly;

  • Price broke a major region at 1.9500 and it is yet to retest that region.
  • I believe that price will retest that region before we see any upside movement

Daily;

  • Price formed a very long wick candlestick which shows me that price does not have enough orders to go to the upside.
  • For this reason, I believe that some sell orders are due and price will inevitably retest the weekly region at 1.9500.
  • However, if price does go lower, then the overall target is at 1.9435
Chart PatternsGBPAUDgbpaudshortsTrend Analysis

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