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GBP/AUD Potential Downward Movement

GBP/AUD Long-Term Trend: Bearish

Key Resistance Levels: 1.7333, 1.7407, 1.7519

Key Support Levels: 1.7202, 1.7158, 1.7031

Daily Chart:

The price on the higher time frame has been consolidating after a good bearish run. There is a resistance at the 1.7814 level and the price has been rejected from there several times. The lower trendline has been broken which indicates a bearish trend.

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 has been trading in a downtrend for some time and it has shown good momentum. There is a rejection faced at the 1.7407 level and it has now broken and retested a minor level of 1.7333  

Signal Idea:

Sell Limit Order @ 1.7286

TP 1 @ 1.7212

TP 2 @ 1.7064

Stop Loss @ 1.7360

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.

4 comments

  1. Dear Vipul, EUR GBP, TP1 changed to 0.84916, which was TP2, So what should be TP2 now

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