# GBPAUD Potential Pullback (Nov 7, 2014)

Source: https://www.tradersway.com/resources/market-info/gbpaud-potential-pullback-nov-7-2014/
Language: en
Updated: 2014-11-07

GBPAUD recently made a strong upside break past resistance at the 1.8400 major psychological level and may be due for a retracement.



The Fib levels based on the latest swing low and high on the 1-hour chart show that the 50%-38.2% area lines up with the 1.8350-1.8400 potential support zone.



A bounce from this region could lead to a rally back to the pair’s previous highs near the 1.8700 major psychological mark while a selloff could still find a floor at the 61.8% Fib or 1.8300 handle. However, a break below the Fib levels would indicate that a longer-term selloff is taking place.



Strong buying momentum might lead to a break past the previous highs and the creation of new ones, possibly until the 1.8900 mark. There are no major event catalysts left for a strong move until the end of the week though.



![GBPAUD Potential Pullback (Nov 7, 2014)]



Fundamental factors suggest that the bias is a sideways move for the time being, as both BOE and RBA gave off dovish biases in their recent rate statements.



*By Kate Curtis from Trader’s Way*