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 🙂