The (GBPAUD) is trying once again to bounce off the psychologically key 1.70 whole figure level and descending wedge support (on the weekly chart).  A daily close above downchannel resistance (on the daily chart) would likely be followed within a week after by a test of the September high and descending wedge resistance (on the weekly chart).  The bullish catalyst may come with today’s 7am EST highly anticipated BoE MPC official bank rate votes/rate announcement and monetary policy summary.  Further volatility arrives Friday with the UK flash manufacturing and services PMI.  The weekly, daily and 4hr RSI, Stochastics and MACD are bottomish.  I am looking to enter long in the green zone (of the daily chart), targeting the red zone for Wednesday.  The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I sometimes set my stops tighter).  Click here for analysis on USDJPY, NASDAQ100

GBPAUD Weekly/Daily/4hr

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