forexTrdr
Short

forexTrdr GBPAUD - RESISTANCE MEETS DESCENDING CHANNEL

FX:GBPAUD   British Pound / Australian Dollar
Morning traders,

Waking up to Thursday morning ECB day with a great short setup in British Pound versus Australian dollar . What we have is a descending channel being touched at the same time as the pair meets a resistance level to the upside around the psychological price point of 1.79. Compounding the trade is that as this is occuring the pair is reaching overbought levels on RSI indicator and Stochastic which is crossing over pointing to a move to the downside. Given then clear descending channel we have highlighted on our trading view chart we can see upside on this short of up to 250 pips into the high 1.76 area.

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Good luck trading

from the Team at forexTrdr
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