GBPAUD has rejected the 1.87 key resistance zone multiple times on the 4hr and daily timeframe. I am now looking to enter a simple short entry for a swing trade down to 1.72500.
There is a 4hr trendline that is in the way first so when price approaches this I will move my stop loss to breakeven to remove exposure. If that trendline breaks then I will assume the trend has reversed and will add short positions on the 4hr lower highs.
I wanted a better entry on this than simply entering at the daily candle closure yesterday. I entered short on the pivot bounce this morning with an executed price of 1.86230