GBPAUD Weekly S/R| Oversold Bounce| Oscillators Extended| PA

Repost**

Evening Traders,

Second Analysis – GBPAUD – Strong impulse sells likely to lead to an oversold bounce play, following technical points to consider,

- Trend aggressive sells
- Weekly S/R HTF Support
- .618 Fibonacci (lower high)
- RSI oversold
- Stochastics flat
- No volume climax

GBPAUD is respecting its weekly S/R in the immediate term. This is a high time frame support that the market has respected historically, thus a bounce here is probable.

The .618 Fibonacci is a probable lower high projection as the immediate trend is bearish .

The RSI and Stochastics are both approaching oversold conditions, this is indicative of an oversold bounce coming to fruition.

On the volume profile there is however no volume climax node signalling a temporary bottom. Cautious approach is to be taken when trading the oversold bounce.

Hope this analysis helps!

Thank you for following my work!

And remember,

“Sheer will and determination is no substitute for something that actually works.” – Jason Klatt