MRobertsTrading

GBPAUD - Setup for a Short, Looking for Entry

Short
FX:GBPAUD   British Pound / Australian Dollar
I posted recently about looking for a short on the GBP due to price reaching a resistance zone . Additionally, the Australian Dollar has regained some strength. Looking at the 4H GBPAUD chart, we can see price has broken out of a trend channel going back to January 8th.


On the 1H chart, there are two wicks that have retested the bottom of the trend channel. We haven't seen a strong break of the trendline yet, but will be ready to pounce when it happens.


I will be looking for a bearish pattern here for entry. Will be targeting 1.771, 1.76, and 1.747 should an entry present itself.

Comments

I'm in the short entry
the trendline keep rejecting the price acting as strong resis5
Reply
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