GBP/AUD Potential Downward Movement

GBP/AUD Long-Term Trend: Bearish

Key Resistance Levels: 1.6976, 1.7051, 1.7134

Key Support Levels: 1.6851, 1.6785, 1.6702

Daily Chart:

The price on the higher time frame has been in a downtrend for quite some time and recently it broke a consolidation zone between 1.7814 and 1.7271. It has also broken a minor level of 1.7030 after forming a few rejection wicks which shows a bearish bias.

GBP/AUD Medium-Term Trend: Bearish

1-Hour Chart:

On the lower time frame, the pair is moving in the major trend’s direction. The price has recently broken the lower range of a consolidation zone at 1.7051 and sustained below that. It has also now broken and retested a minor level of 1.6976 before continuing the momentum.

Signal Idea:

Sell Limit Order @ 1.6928

TP 1 @ 1.6862

TP 2 @ 1.6796

Stop Loss @ 1.6994

Trade Safely 🙂