GBPAUD-No Clear Direction
In the previous sessions the pair was under volatility move. After breaking the previous low gving confirmation of downtrend.
Currently the pair is consolidaing giving no clear direction of where the pair is headed. Support and resistance is marked on the chart. But as per my analysis the the consolidation will break down as it is bearish rectangle formation.
Trade plan:
Bearish bias is expected in the pair but have to wait for conformation before any trade can be triggered. Short position can be taken after S2 is broken while long position can be taken after breaking the R2 resistance.
Currently the pair is consolidaing giving no clear direction of where the pair is headed. Support and resistance is marked on the chart. But as per my analysis the the consolidation will break down as it is bearish rectangle formation.
Trade plan:
Bearish bias is expected in the pair but have to wait for conformation before any trade can be triggered. Short position can be taken after S2 is broken while long position can be taken after breaking the R2 resistance.
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