FXtrades-gp

GBPAUD: An upcoming BEARISH movement on this PULLBACK

Short
FX:GBPAUD   British Pound / Australian Dollar
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🟢Forex Pair:
GBP/AUD

Technical Analysis:
Since the beginning of January 2021, the price has been following an interesting trendline, bouncing many times on it.
This clear uptrend ended at the beginning of February, when the price reached and got a strong rejection on the main weekly resistance zone at about 1.80000.
It tried and failed many attempts to break that level and yesterday, 11th of February, the price broke down its main trendline, bouncing on a daily support level at about 1.78000 and it is currently re-testing the trendline.
Since the 5th of February, I can see the price creating a possible descending triangle pattern, making a lower high on every rejection on the support level at 1.78000.

🔴Conclusion:
Since the price has broken its trendline, I started looking for a short position and I think there is a nice possibility to see an interesting upcoming bearish movement.
I'll be waiting for a clear entry point to get a short position on this trade until the level 1.78000, and eventually the price will clearly break through that level I'll plan my second short trade!

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⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️

Trade Safe and Responsibly,
Gianni

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Comments

It looks like you've put a lot of work into this.
+1 Reply
nice same setup i have for gbpaud
+1 Reply
FXtrades-gp sandeepnmankotia22
@sandeepnmankotia22, thanks a lot man! :)
Reply
looks like a Bearish retest
+1 Reply
FXtrades-gp Babenski
@Babenski, possible! let's see and thanks for your feedback!
Reply
Nice, I'm keeping an eye on this as well.
+1 Reply
FXtrades-gp FinancialGamblR
@FinancialGamblR oh I’m glad to know ! Many thanks 🙏
Reply
Thanks for sharing!
+1 Reply
FXtrades-gp Fx_Analyzer
@Fx_Analyzer, you're welcome guys! thanks !!
Reply
Looks like a winner🔥
+1 Reply