ShaunGadd02

GBP/AUD Huge 60 pip downside potential, find out why here!

Short
FX:GBPAUD   British Pound / Australian Dollar
GBP/AUD has broken out of a range in between 1.79130 - 1.79400, that is also a strong well respected area of resistance formed on the 4H timeframe and a more minor area of support formed on the 30 minute chart. The zones show very strong signs of bearish momentum stepping into the market.

Upon the breakout of support identified on the 30 minute chart, GA started to show signs of candle rejection @1.78995. However the candle has closed bearish below 1.79130 which indicates that there is still a very strong potential for GA to continue moving to the downside to target it's previous low @1.78400 (60 pips/65 pips)

Bearing in mind of the wicks that have previously rejected 1.78995 and moved back into the consolidation phase, I will be very carefully monitoring the way the candles are moving around this are.

Target - 1.78400 (60 pips)
Stop - 1.79260 (above the previous 30 min candle high)

Feel free to like this post if you agree with my idea👍
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