GBPAUD POTENTIAL RESISTANCE
If the pair pulls back to the 1.988 area there could be the potential to go short.
Reasons to short -
Trend is bearish
Returning to a major SR level (blue line)
The previous time it was at this level there was a strong sell off, and it is the first time it could return to this area (upper yellow box)
A confluence of fibonacci levels from previous highs (inside or close to the upper yellow box)
Good risk to reward ratio
Reasons to short -
Trend is bearish
Returning to a major SR level (blue line)
The previous time it was at this level there was a strong sell off, and it is the first time it could return to this area (upper yellow box)
A confluence of fibonacci levels from previous highs (inside or close to the upper yellow box)
Good risk to reward ratio