The current formation of the GBPAUD currency pair shows the construction of a prominent bearish trend moving down within the green channel. Closer to the middle of May, the bears reached the lower green wall but did not break through it. Thus, bulls entered the market. In early July, the price reached the upper green line, then pushed off from it, and the downward movement of the market within the yellow channel began.
Most likely, the price may continue to decline towards the lower green line and the support level of 1.709, at which we see an intersection with the lower yellow line.
Alternatively, an increase in the cost is expected. Perhaps shortly, the bulls will start pushing the price up. With a successful breakdown of the resistance level of 1.745, the bulls will open the way to the upper green wall and the resistance level of 1.778.
However, because the bulls have been unsuccessfully trying to break through the green upper line for a long time, it can be assumed that they will give up their positions. In other words, the first scenario of the development of events is in priority.
With an upward price movement, it is possible to consider opening deals for purchases; with the depreciation of a currency pair, it is recommended to open short positions.
