GBP/AUD Potential Downward Movement

GBP/AUD Long-Term Trend: Bearish

Key Resistance Levels: 1.7694, 1.7767, 1.7886

Key Support Levels: 1.7495, 1.7378, 1.7298

Daily Chart:

The price on the higher time frame has started a downward movement after it faced rejection at the 1.8254 level. It broke a support level of 1.7995 and sustained below that. The pair has also broken another level of 1.7716 which shows trend continuation.

GBP/AUD Medium-Term Trend: Bearish

1-Hour Chart:

On the lower time frame, the pair is moving in the major trend’s direction. It recently broke a consolidation zone of 1.7886 and 1.7767 with good momentum. As of now the pair has broken and retested a minor level of 1.7694 before continuing the momentum.

Signal Idea:

Sell Stop Order @ 1.7605

TP 1 @ 1.7504

TP 2 @ 1.7353

Stop Loss @ 1.7706

Trade Safely 🙂