We saw some bearish movement on GBPAUD yesterday however it appears a weak AUD caused a bullish reversal in the pair overnight. (I am currently in UAE timezone)
At the time of writing, the London session has just begun & we see price action indicating that another move down may be imminent. I observe a bearish doji followed by what appears so far to be an aggressive bear candle (lets see how this hour closes!). Price appears to have rejected the 1.80 psychological level also.
I am aware price appears to have broken the downtrend however if we observe a closure within the trendline then I will classify this as a fakeout.
We can then look for short entries to ride priced down to the previous swing low at around the 1.78200 level.
At the time of writing, the London session has just begun & we see price action indicating that another move down may be imminent. I observe a bearish doji followed by what appears so far to be an aggressive bear candle (lets see how this hour closes!). Price appears to have rejected the 1.80 psychological level also.
I am aware price appears to have broken the downtrend however if we observe a closure within the trendline then I will classify this as a fakeout.
We can then look for short entries to ride priced down to the previous swing low at around the 1.78200 level.