While I believe that GAUD has a favorable long-term outlook, market indicators suggest that short-term bearish pressure may be imminent for GBPAUD. Recent CPI data in the UK has shown a decline, and despite the RBA's unexpected decision to hike rates to tackle inflation, it's likely that GBPAUD will experience a monthly low before any substantial upward momentum. The daily chart confirms this sentiment, indicating a bearish reversal that is trending downwards towards $1.7402. Therefore, it's advisable to consider shorting GBPAUD rather than buying at this time.
GBPAUD may experience short-term bearish pressure due to the decline in CPI in the UK and the RBA's decision to hike rates to combat inflation. These factors could potentially lead to GBPAUD reaching a monthly low before any significant upside move. This information could be useful for traders who are looking to make short-term bets on the pair, as they may want to consider selling or shorting GBPAUD at this time.
It's important to keep in mind that any trading decisions should always be based on a comprehensive analysis of multiple factors, including technical, fundamental, and macroeconomic factors. Additionally, it's essential to have a well-defined risk management strategy in place to avoid excessive losses. Lastly, trading decisions should always be made with caution and careful consideration of the potential risks involved.
GBPAUD may experience short-term bearish pressure due to the decline in CPI in the UK and the RBA's decision to hike rates to combat inflation. These factors could potentially lead to GBPAUD reaching a monthly low before any significant upside move. This information could be useful for traders who are looking to make short-term bets on the pair, as they may want to consider selling or shorting GBPAUD at this time.
It's important to keep in mind that any trading decisions should always be based on a comprehensive analysis of multiple factors, including technical, fundamental, and macroeconomic factors. Additionally, it's essential to have a well-defined risk management strategy in place to avoid excessive losses. Lastly, trading decisions should always be made with caution and careful consideration of the potential risks involved.