Blake Morrow’s Chart of The Day – Feb 5th 2021

GBPAUD

Following the BoE decision and the fact that they are backing away from the idea of negative rates allowed the GBPAUD to pivot off some key support. Just below the 1.7800 level was a broken trend line (red) and also the 38% retracement of 2021 move higher. Also this is the 50dma and 48ema. As long as the 1.7800 level holds the risk for a move to the 200dma and higher seems appropriate near term.