BannaKhan

Possible shorting options

Short
OANDA:GBPAUD   British Pound / Australian Dollar
Hey traders,
As you can see GBPAUD has enjoyed a wonderful rally in recent days and broken multiple level of resistance. It has now reached to major resistance level . RSI is also seriously overbought position so there might be a strong possibility that we will soon see some fib retracement. I will be looking for a reversal indication on a smaller time frame to short from here and will be looking for tp1 around 0.382 fib level and tp2 around 0.5 fib level. Remember, if we get a bigger retracement we get the stronger bullish push up is likely to occur once retracement finishes.

Let me know your views!! Trade safe and enjoy.
Comment: As you can see the market has rejected multiple time on 4h time frame which means we should see some more pips soon enough. As we are already in profit so I have moved my sl to break-even to enjoy the show.

Trade safe and have fun
Trade closed: target reached: Trade closed with a whooping 182 pips.