EmpowerTrader

GBPAUD Testing Major Support Level of the Breakout Out

Long
FX:GBPAUD   British Pound / Australian Dollar
Price is testing major support level of the channel. In other words, price is testing the neckline of the breakout that started in early October. Nevertheless, price could break support as Brexit negotiations are still in stalemate.

Trade Step-ups:

Scenario One ( Bullish Reversal): Price rejects a bearish breakout, indicating a strong bullish sentiment for the time being.

Scenario Two ( Bearish Breakout): Price breaks support level , look for consolidation below 1.8100.

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