We see price rejection off the 1.748 area(a key area on daily timeframe) after the successful downward rally. we looking for the bounce back to 1.7830. allso have to be cautious of the downside below 1.748 area for the fake out before the main move to the target.
GBPAUD now in middle and moving towards resistance where it will meet downward trendline @1.81250- 1.81300
if the velocity is less it will move downwards .wait for retest and then GO SHORT....
it will move to mini support ..... @ 1.81000
if the velocity is more it can break trendline and move upwards and resistance will become support .wait for retest and then GO...
We have seen a steep downfall in GBPAUD over some time but it can e the time that bulls take the charge. In the daily charge, it shows that a W pattern may be on the table if price rebounds from here, and also on Friday we have seen a spinning top.
What to do??
On Monday, we will be seeing if Monday candle closes in green or red. If, green then we may take a...
We have seen a quite nice jump in GBPAUD in previous week, but it may be just an impulse. As, we can see that the trend line is still holding and may continue the downtrend.
So, we are still bearish on GBPAUD pair and if we take a short here then we can take profit at 1.9000 and TP 2 will be at Support 1.8600.
So, don't take a long position for now. So, be...
GBPAUD has formed a rising channel pattern on a daily basis with the current prices trading at the bottom of the channel, creating a buying opportunity. The expected target for the trade is at 1.8200 which is the mean of the channel and the SL for the trade is at 1.78232.
