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GBP/AUD Potential Downward Movement

GBP/AUD Long-Term Trend: Bearish

Key Resistance Levels: 1.8455, 1.8501, 1.8550

Key Support Levels: 1.840, 1.8368, 1.8350

1-Hour Chart:

The price on the higher time frame succeeded to post a double top that led to a reversal. The price is traded now below the neckline of this pattern where we expect a correction before the move to the downside again.

GBP/AUD Medium-Term Trend: Bearish

15-Mins Chart:

On the 15 mins chart the pair is traded inside a bearish channel where we expect a higher correction to the area of confluence. This area is made of the higher end of the channel and a previous swing low.

Signal Idea:

Sell Limit Order @ 1.84333

TP 1 @ 1.84029

TP 2 @ 1.83680

Stop Loss @ 1.84485

Trade Safely 🙂

About Joe Damien

Joe is a proven Forex analyst and manual trader with 6 years of full-time trading experience. He is a swing trader that relies on price action, market structure and Fibonacci retracement. His two most successful pairs are CHF/JPY, CAD/JPY, but his expertise allows him to profit on any asset or pair.

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