I have been monitoring this pair for a while now for confirmation that it's bullish trend is over.
Here we see price has broken the current support level which it has held for a week now. The cause being a positive result for AUD on this mornings RBA interest rate decision.
GBP has shown strength at the start of the london session, I hope we will now see a reversal at the retest zone, for which I will await a bearish confirmation candle to confirm a break and retest of the prior support, and a continuation downward.
Let's see how this plays out! ONLY if we see a solid rejection here will I be interested in shorting this pair. If so, I will look to target the 1.87 psychological level which appears to be an area of prior resistance-turned-support.
Here we see price has broken the current support level which it has held for a week now. The cause being a positive result for AUD on this mornings RBA interest rate decision.
GBP has shown strength at the start of the london session, I hope we will now see a reversal at the retest zone, for which I will await a bearish confirmation candle to confirm a break and retest of the prior support, and a continuation downward.
Let's see how this plays out! ONLY if we see a solid rejection here will I be interested in shorting this pair. If so, I will look to target the 1.87 psychological level which appears to be an area of prior resistance-turned-support.