GBPAUD approaching resistance, potential drop!
GBPAUD is approaching our first resistance at 1.8113 (horizontal overlap resistance, 100%, 61.8% Fibonacci extension, 38.2% Fibonacci retracement) and a strong drop might occur below this level pushing price down to our major support at 1.7918 (horizontal overlap support, 100%, 61.8% Fibonacci extension, 78.6% Fibonacci retracement).
RSI (55) is also seeing a bearish exit and we might see a corresponding drop in price. Ichimoku cloud is also showing signs of bearish pressure in line with our bearish bias.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
RSI (55) is also seeing a bearish exit and we might see a corresponding drop in price. Ichimoku cloud is also showing signs of bearish pressure in line with our bearish bias.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
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