Count_Drew

GBPAUD! BIG Battle between bulls and bears! PT 2

Short
OANDA:GBPAUD   British Pound / Australian Dollar
The bears reinforcements finally arrived once price hit the structure of the previous resistance and downtrending channel. The 4hr Bearish engulfing candle after the tap of the target zone has signified Bearish reinforcement. Using current price action we can assume short until atleast 1.79500 with potential for bears to be in control all the way down to the bottom of the channel!
Comment: This is a reversal pattern at the time i made this post sentiment and price action respected the channel. within the next 12 hours sentiment lost its bias, GBP gained strength while aud lost it.

the top of the channel was broken from the 9 am hourly candle and depending on how the 4hr closes i will be looking for long positions THE BULLS ARE STILL FIGHTING BACK.