GBPAUD ready for another leg down?

Dec 31, 2019

GBPAUD GBPAUD ready for a leg down to the $1.85 region?

• The chart seems to be forming a descending triangle on the 4hour chart.
  
• The 200 SMA is flattening out.
  
• The 55 SMA recently crossed below 200 SMA.
  
• 8 SMA starting to act as resistance.
  
• Despite the little bounce bearish volume is larger than bullish.
  
• Oscillators trending down
  

So far the yellow line inside the triangle is acting as support which also lines up with the SAR and the 21 SMA. Once these are broken there could be a quick sell off to the bottom of the triangle and possibly to the green rectangle below.