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GBPAUD ready for another leg down?

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FX:GBPAUD   British Pound / Australian Dollar
FX:GBPAUD GBPAUD ready for a leg down to the $1.85 region?
  • The chart seems to be forming a descending triangle on the 4hour chart.
  • The 200 SMA is flattening out.
  • The 55 SMA recently crossed below 200 SMA .
  • 8 SMA starting to act as resistance.
  • Despite the little bounce bearish volume is larger than bullish .
  • Oscillators trending down

So far the yellow line inside the triangle is acting as support which also lines up with the SAR and the 21 SMA . Once these are broken there could be a quick sell off to the bottom of the triangle and possibly to the green rectangle below.

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