GBP/AUD M Pattern Suggesting Breakout

GBP/AUD has formed an M pattern and currently, it’s at support. We could see a move down if the price breaks the ATR low.

The ATR low is 1.8196. At this point the pair is bearish. Further moves below the support suggest further weakness in the pair. The target is W L5 1.8040-60. We should see a bounce off that level if the price gets there. Shorts on rallies might come around 1.8323 on a pullback.

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