GBPAUD H4 - BEARISH CONTINUATION SETUP
As you can see from the chart, we are in a clear bearish trend.
Price broke out of ascending trend line and support zone and made a new low.
Considering that price has retraced back to the confluence zone which comprises of Resistance level, 50% Fib ratio, mean value, and potential 3rd rejection of descending trendline. We will able to go short on this pair after a proper breakout of the bearish counter trend line.
Note:
Support 1.7927 is very critical, we should watch out how price react to that level after the breakout of the CTL.
Take profit zone is -27.0 Fib extension or support 1.7640 area.
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Price broke out of ascending trend line and support zone and made a new low.
Considering that price has retraced back to the confluence zone which comprises of Resistance level, 50% Fib ratio, mean value, and potential 3rd rejection of descending trendline. We will able to go short on this pair after a proper breakout of the bearish counter trend line.
Note:
Support 1.7927 is very critical, we should watch out how price react to that level after the breakout of the CTL.
Take profit zone is -27.0 Fib extension or support 1.7640 area.
Follow us on Instagram @TheKissForex
Thanks for reading.
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