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  • GBP/AUD making gradual steps towards a bearish playbook.
  • Bulls rejected at a key level of resistance on the daily chart. 

Further to the prior analysis, GBP/AUD Price Analysis: Last show of bull’s commitments at the 61.8% Fibo? the price has indeed been rejected at the level.

Prior analysis forecasting 61.8% rejection

Price rejected at 61.8% Fibo

GBP/AUD 4-hour chart

The conditions are still not quite bearish with MACD above zero and the price testing dynamic support with the confluence of horizontal support. 

A break of support will surely bring the MACD into a bearish environment and add conviction to the downside prospects.