yasseralsaadfx

GBPAUD Bearish momentum building?

FX:GBPAUD   British Pound / Australian Dollar
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Price has been led astray from the Bullish Trend that was formed earlier last year. Many oscillators are showing us that price has been overbought. From a candlestick perspective the monthly timeframe is showing signs of a bearish reversal. Considering that price is currently at the 0.618 retracement key level on the monthly timeframe this could potentially roll over to the downside. I am currently waiting for this weeks candlestick close in order for me to validate this analysis.

Though it may seem simple but if you zoom out of this graph you’ll realise why I’m so weary of going long at the moment.

Instagram: @yasser__alsaad

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