From the daily chart, GBPAUD has been bearish from the past few days. There are no signals from the candlesticks that the bearish momentum will halt anytime soon.
From the 4H, GBPAUD has closed below the level of 1.89000, the previous high of the 4H. GBPAUD also closed below the liquidity region of 1.88720 - 1.88850. Since GBPAUD has breached this region, I am expecting GBPAUD to follow through downwards.
I have set my entry level to be 1.8885, I don’t expect GBPAUD to be able to rebound back to 1.890 before proceeding downwards. My SL will be placed on 1.891. My first target would be 1.879 before the ultimate target at 1.86850. However, I am looking to place my SL back to my entry level when it reached my first target.
From the 4H, GBPAUD has closed below the level of 1.89000, the previous high of the 4H. GBPAUD also closed below the liquidity region of 1.88720 - 1.88850. Since GBPAUD has breached this region, I am expecting GBPAUD to follow through downwards.
I have set my entry level to be 1.8885, I don’t expect GBPAUD to be able to rebound back to 1.890 before proceeding downwards. My SL will be placed on 1.891. My first target would be 1.879 before the ultimate target at 1.86850. However, I am looking to place my SL back to my entry level when it reached my first target.