GBP/AUD Potential Downward Movement

GBP/AUD Long-Term Trend: Bearish

Key Resistance Levels: 1.8984, 1.9063, 1.9177

Key Support Levels: 1.8801, 1.8756, 1.8613

Daily Time-frame:

The price on the higher time frame was moving in a bullish trend and tried to break 1.92 but faced resistance below that. There are rejection wicks and below that number and the price recently broke support of 1.8984 that should act as a resistance now. This looks like a trend reversal candidate.

GBP/AUD Medium-Term Trend: Bearish

1-Hour Time-frame:

On the lower time frame, the price has been moving in a lower-low, lower-high formation in the direction of the major trend. Price also broke a support zone of 1.8950 and then retested as of now we are seeing a continuation of the move after retest. This trend should remain valid below that range.

Signal Idea:

Sell Stop Order @ 1.8910

TP 1 @ 1.8810

TP 2 @ 1.8780

Stop Loss @ 1.8959

Trade Safely 🙂