#GBPAUD has been forming consolidation for several weeks, which was formed after the local bottom retest. Within the descending channel an interesting setup is forming, which is worth paying attention to
I suggest to pay attention to the level of 1.9198 and the trend resistance. These are two lines, which play a key role at the moment. Breakout of one of them and price consolidation above or below the level will form an impulse. The readiness for a possible increase in liquidity and potential is indicated by the strong narrowing of the moving averages. On the background of the weakening GBP, which is testing the support for a breakout, the GBPAUD currency pair may also continue its decline, but for this we will have to wait for the price consolidation below 1.9198.
In any case, the signal to enter selling or buying will be a break of the line and consolidation above or below. On d1 it is possible that a correction is forming before a further fall, as the trend support was broken earlier and now a correction is forming.
Support levels: 1.9198
Resistance levels: descending trend line, 1.9286
In the long term I expect the price to continue following the trend, but on the background of liquidity surge the market may break the trend resistance