On Monday EU morning, it was seen somewhat higher, trading at around 1.81850.
There is a triple bottom formation on the short-term chart (1h - 2h), which is a sharp reversal formation. Moreover, the price has jumped above June's bearish trend line, which could also be a bullish signal. Finally, the cross is heavily oversold on the daily time frame as it has been sold-off steeply. All these signals combined could lead to a short-covering rally.
If the GBPAUD cross breaks above the short-term resistance of 1.8250, we could see a more substantial relief rally, targeting 1.8450, where previous highs and lows are converged.
Alternatively, if the downtrend persists, the support seems to be at around 1.8170. Another level to watch will be at the mentioned triple bottom, which is seen at 1.805. A breakdown below this level would most likely lead to further selling below the 1.80 threshold.
