GBP/AUD Potential Downward Movement

GBP/AUD Long-Term Trend: Bearish

Key Resistance Levels: 1.7527, 1.7568, 1.7653

Key Support Levels: 1.7438, 1.7366, 1.7278

Daily Chart:

The price on the higher time frame has been in a downtrend for the last few months and recently it did a pullback. The pair faced resistance at the 1.7782 level and reversed the direction. A minor support level of 1.7585 has been broken which indicates a bearish bias.

GBP/AUD Medium-Term Trend: Bearish

1-Hour Chart:

On the lower time frame, the pair is moving in the major trend’s direction. The price broke the support level of 1.7653 and continued downwards. It has broken to the downside after a small consolidation between the range of 1.7568 and 1.7527. The lower range has been broken and retested now.

Signal Idea:

Sell Limit Order @ 1.7509

TP 1 @ 1.7443

TP 2 @ 1.7377

Stop Loss @ 1.7575

Trade Safely 🙂