As shown in the chart, the pair has reached a linear level which had been used as a strong resistance several times before.
There is further confluence when considering the fact that the market is at the 0.786 fibonacci level
A good SELL opportunity due to the fact that the current market is on a ranging market as well as the fact that it is high on RSI. We can therefore anticipate a drop.
There is further confluence when we consider the fact that the top linear level had been rejected previously 3 times.
As we can see GBPAUD has broke through 0.5 fib level in a 4 hour time frame and rejected of 0.382 fib level and quickly made its way back to the entry of the candle,suggesting that there is strong buying pressure available. Aiming to use 0.5 fib level as a form of support for buying pressure