Ransquawk

GBPAUD from August 2017 is moving in an upward trend and during this time the increases amounted to 2,300 pips. The maximum was reached at the end of March and set a maximum at 1.8500. Since then, the quotes have tried to overcome this level several times but ineffectively and after a month of consolidation the supply gained an advantage leading to overcoming the support – the lower consolidation limit – 1,8160. Following the falls, the price reached the trend line, and then returned to re-test previously defeated support, which now took the role of resistance.

GBPAUD Daily – price broke down from monthly consolidation and tested its bottom edge (pinbar candle)

 

On the H4 chart, we can see that the growth trend line has been tested again today, but the supply has defended this level and the pair is back in decline. If this trend persists in the case of the Sell order, the situation seems quite clear. The level of the last local high of 1.8230 is a good place for SL locations, and TP, in this case, is a support zone in the area of 1.7600.

GBPAUD H4

Leave us a comment!

Ransquawk
SHARE
Previous articleConsumer Inflation in the Euro area fell to 1.2%. Eurodollar on new lows
Next articleFamous traders
Since 2010, he has been actively involved in the Forex market up to now. He is a supporter of Price Action and using as few indicators as possible. He believes that the simplicity of the system and consistency in its application is the best way to success in financial markets, and lack of patience is the most frequent cause of failure. Interested in classical systems based on Technical Analysis and in psychology - mechanisms that guide human behavior and conditioning decision making in trading.