GBPAUD Supported by China Economic StimulusGBPAUD Supported by China Economic Stimulus
This week, the AUD has been bolstered by China’s economic stimulus measures. The likelihood is that this news will continue to support AUD strength as China takes further steps and clarifies its intentions.
Technical Analysis: The price has completed a daily harmonic pattern near a previous zone, increasing the chances of a bearish movement. Currently, we are in a corrective phase before the price resumes its downward trend. A clearer picture is expected to emerge in the coming week. Once the price moves below the structure zone, the new target should be 1.9000.
For more details, please refer to the chart!
Thank you and good luck!