GBP/AUD Potential Downward Movement

GBP/AUD Long-Term Trend: Bearish

Key Resistance Levels: 1.96833, 1.98138, 1.99395

Key Support Levels: 1.93403, 1.91352, 1.90252

Daily Chart:

The price on the higher time frame has been in a downtrend and it is facing a bearish reaction every time after testing the resistance level of 1.96923. The pair has recently tested this resistance and shown reaction which shows signs of trend continuation.

GBP/AUD Medium-Term Trend: Bearish

4-Hour Chart:

On the lower time frame, the pair is moving in the major trend’s direction. It broke a trendline after taking liquidity from a resistance area of 1.96833 As of now the pair might retest before continuing the momentum.

Signal Idea:

Sell Limit Order @ 1.95248

TP @ 1.93473

Stop Loss @ 1.97033

Trade Safely 🙂