Nice and simple double down candle on the 4h chart with higher high candle containing red wick. Price action should support the drop. RSI overbought as well.
Marked my tp and sl for you.
Let me know your thoughts.
Quick update on GBP pairs.
It's rallied into some key resistance levels on my charts. This could potentially signify exhaustion and lead to speculative selling/profit-taking in the very short term.
Keep a watch on the formation of this daily candle, if it posts some kind of inverted hammer or outside day, then I may look to sell some GBP pairs next week in...
GBPAUD still respects the boundaries of the rising channel .
on Friday pair has reached 1.87 level.
what is interesting about this level is that
first of all, it matches perfectly with the rising resistance of the channel and
secondly, we see that in the past this level was respected by the market.
it looks like pound aussie turns bearish .
on a daily, the market is currently attempting to break below the flag pattern and 1.815 key structure support level.
in case of a confirmed breakout, there will be a high chance to see the stong bearish movement to retest the market low.
Target levels for us will...
GBPAUD (1H) - short term bullish bias
The aussie came under pressure at the start of the week. The pound sterling bounced back from the 4H support level of 1.8150, and the RSI indicator recovered from its over-sold area. The bullish MA cross is a signal that more buyers are getting optimistic, we can expect the price to rally to test the previous high of 1.8400....
GBPAUD is approaching a key support level on a daily.
On 1H chart the market has recently formed a double bottom pattern
and currently, it is attempting to break above the resistance line of a bull flag .
if it breaks, it will be a perfect confirmation to buy the pair expecting the retest
of the recent market...
GBPAUD (1H) - intraday bullish bias
The pair has achieved a series of higher highs after breaking through the resistance of 1.8110. We can expect the price action to test the daily resistance of 1.8330 in the coming hours. As the relative strength is inching towards the 80% area, both moving averages will act as support in case of a pullback.