From October 11, the pound price in tandem with the Australian dollar is gradually moving south. The total range of declines since the last high amounted to almost 800 pips. Does it mean that it is too late to join this wave of falls? Not quite, there is a chance to join the bears if the current retest proves to be effective.
Chance for a short
The GBPAUD price on the hourly chart broke through support at 1.7940. Yesterday evening an upward trend began, the price tests the broken level from the bottom. If there is a downward rebound, you will be able to enter a short position.Take Profit can be set in the vicinity of 1.7770, earlier this year the price has reacted repeatedly in this area. Thanks to this, there are over 150 pips to grab. In the case of a return to increases, the nearest resistance is at 1.8340.