Facts:
The price bounced off the upper limit of 1:1 structure at 1.9688
The pair sits below the 100-period moving average from H1 interval
Recommendation:
Trade: Short position on GBPAUD at market price
Target: 1.9525, 1.9447
Stop: 1.9740
Opinion:
Looking at the GBPAUD chart at the H1 interval, one can see that the price bounced off the key resistance.. The area near 1.9688 is marked with the upper limit of 1:1 structure, and previous price reactions, as well as 100-period moving average. According to the Overbalance strategy, as long as the price sits below, the main trend remains downward. We recommend going short GBPAUD at market price with two targets: 1.9525 and 1.9447. We also recommend placing a stop loss order at 1.9740. Source: xStation5
Today Markets
