GBPAUD approaching resistance, potential drop!
GBPAUD is approaching our first resistance at 1.7593 (horizontal overlap resistance, 100% Fibonacci extension, 23.6% Fibonacci retracement) and a strong reaction might occur below this level pushing price down to our major support at 1.7479 (horizontal swing low support, 76.4% Fibonacci retracement). Ichimoku cloud is also showing signs of bearish pressure in line with our bearish bias.
RSI (55) is also seeing a bearish exit we might see a corresponding drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
RSI (55) is also seeing a bearish exit we might see a corresponding drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
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