Rashidyadgary

GBPAUD potential continuation

Short
FX:GBPAUD   British Pound / Australian Dollar
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Looking at GBPAUD on a weekly time frame price came to the weekly and quarterly resistance of 1.85 and rejected it with a bearish engulfing candlestick which completed a double top formation. This indicates strong bearish momentum for the following week to come.

i am looking for price to first head to the 1.806 daily level and if this level is broken the second level of interest would be the monthly support of 1.778.
I am currently waiting to see what price does at the volume profile level which is also a minor level of support and resistance , as a break and retest of this level could mean a potential entry to the downside target of 1.806

Comments

The volume profile level held (1.826) price reversed of this, will look to see what price does at around the 1.84-1.85 level
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