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GBP/AUD Potential Downward Movement

GBP/AUD Long-Term Trend: Bearish

Key Resistance Levels: 1.8852, 1.8958, 1.9038

Key Support Levels: 1.8647, 1.8501, 1.8406

Daily Time-frame:

The price on the higher time frame has shown a few rejections from the upside after being in an uptrend. Price broke the trendline to the downside and there is a head and shoulder-like formation. All signs of reversal in the trend.

GBP/AUD Medium-Term Trend: Bearish

1-Hour Time-frame:

On the lower time frame, the price has recently broken a support level of 1.8850 with great momentum. After that we saw a retest to the same level and price rejected from exactly that level. This looks like a case of trend continuation.

Signal Idea:

Sell Stop Order @ 1.8783

TP 1 @ 1.8732

TP 2 @ 1.8657

Stop Loss @ 1.8835

Trade Safely 🙂

About Vipul Rathaur

A trader with more than six years of experience, Vipul is a discretionary trader and uses multi time frame analysis for his analysis and price action for his trade signals. Believes that risk management is the secret to making it in this world. He trades major Forex pairs, Indices, and Commodities.

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