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GBPAUD – 9 Sep 2024

GBPAUD 9 Sep 2024

On the daily timeframe, GBPAUD experienced a trend reversal after failing to continue strengthening after breaking the resistance line. The pair was in a bullish trend that led it to touch the price position of 1.96895 before finally bouncing down and experiencing a bullish trend again. Although the pair is still above the kumo cloud, the stochastic indicator shows that the pair is in the saturation zone due to being overbought. Thus, while the bullish trend is still likely to continue, traders need to be on the lookout for a potential correction or trend reversal in the near future.

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