forexTrdr

forexTrdr GBPAUD - HEAD SHOULDERS, KANGAROOS & TEA

Short
FX:GBPAUD   British Pound / Australian Dollar
Morning traders,

Looking at British pound versus Aussie dollar here where we see the right shoulder forming on a potential head and shoulder pattern which points to British pound dropping lower in value versus Aussie dollar.

On our trading view chart we have highlighted the break higher yesterday and overnight failed to breach a prior high of 1.8669 in late April and has since turned lower forming multiple hourly candles below.

Despite even more negative rhetoric from Trump on China overnight British pound failed to hit the prior highs of 1.90 or the resistance level mentioned at 1.8669. This adds as a confirmation of our view that this pair will turn lower down to 1.85 area and potentially lower.

As always we try to keep our analysis clean and easy for anyone to be able to follow but should you want to learn more then please do get in touch for more trades.

Comments and feedback are always appreciated from anyone in the trading community

Good luck trading

from the Team at forexTrdr


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