Blake Morrow’s Chart of The Day – July 16th 2021

GBPAUD
For all of 2021 the GBPAUD has been capped by the channel resistance. A move above the long term 38% Fibonacci retracement at the 1.8738 level would signal a move towards 1.9000. With stocks elevated, this could be a risk for bears in the event we see some equity market selling pressure in the coming weeks.

Blake Morrow