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Sahle
Dec 20, 2023 8:24 AM

Another GBP Pair bearish sentiment Short

British Pound/Australian DollarFXCM

Description

GBPAud

1.Price Formation: The price has broken down from a H&S or Descending Triangle price formation on a daily chart.
2.Moving Averages: The 7-day moving average (MA) is below the 21-day MA, which is a positive sign indicating bearish momentum.
3.200-day Moving Average is above the Price and just above the 21MA.
4.Thus, Mas 7<21<200
5.Relative Strength Index (RSI): The RSI is <than 50, indicating bearish momentum and potential further downward movement.
6.Price Target: 1.79108
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