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Facts:
- The price bounced off key resistance at 1.9070
- The price sits below the 100-period moving average from D1 interval
Recommendation:
Trade: Short position on GBPAUD at market price Target: 1.8558, 1.8368 Stop: 1.9190
Opinion:
GBPAUD has been trading in a downward trend recently. Looking at the D1 interval, one can see that the recent upward correction may have ended already. The price of this pair bounced off the upper limit of the 1:1 structure at 1.9070. In addition the price sits below the 100-period moving average from D1 interval.Taking this into account, continuation of the downward move looks to be the base case scenario for now. We recommend going short GBPAUD at market price with two targets: 1.8558 and 1.8368. We also recommend placing a stop loss at 1.9190. Source: xStation5
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