GBPAUD-SELL
From a technical standpoint, my overall position is shorting until it reaches trendline from higher time frame. On 1hr time frame, price action seems to be resisting my 2.0000 zone & bullish movement is decreasing. Market structure us bearish, price reached above 50% fib level, and many other confluences too that confirm a possible bearish move coming up. Because the AUD/USD correlates with GBPAUD, the dollar declined major counterparts on Thursday, showing that the nations economic growth fell short of economist estimates in the fourth quarter of 2024. Advance GDP fell short (2.3%) from forecast (2.7%),, so if dollar weakens, Aussie goes up, driving GBP down. This is only from a technical standpoint. Next week is full of news & data that might change my position but for now, we remain bearish.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.