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GBP/AUD - Expect a Short-term Bounce

I have been bearish on GBP/AUD so far in May, and the pair has indeed been falling. 


(gbpaud 4h chart, 5/13)

However, I believe that we should expect a bounce now that 
1) the pair has retraced 61.8% of the 1.7727-1.8290 rally.
2) the pair is just above a previous support/resistance pivot area which is around 1.79.
3) price is testing the 200-day SMA.
4) the oscillators in the 4H chart is approaching oversold condition. 
5) The daily stochastic is at 20, while the RSI is approaching 40. This is oversold in a neutral or bullish market. The daily chart reflects a market that has shifted from bullish to neutral, and maybe slightly bearish.


(gbpaud daily chart, 5/13)

With the shift in trend in mind, the anticipated bounce should be limited in the short-term towards the 1.8075 high of the week, up to the 1.81 handle.