GBPAUD (break below) price forecast

FX:GBPAUD   British Pound / Australian Dollar
So, price is in a downtrend after an extended period of trending upwards. Price is currently trading around the 1.8000 support level . Price has failed to make higher highs this week as is indicated by downward sloping trendline. Since overall trend is to the downside, we can potentially expect a possible break of support and a continuation to the downside. However, considering that price has tested support at the 1.8000 level multiple times previously, I would not open an immediate sell position. I will look for sells only when price breaks and retests support which would have become resistance, and show additional confirmation of continuing to the downside, perhaps a candlestick confirmation. My first TP would be at the 1.78500 level and my second TP, should price continue downwards would be at the 1.77500 level.

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