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British Pound / Australian Dollar
Short

GBPAUD testing major resistance, watch for a reversal

By Tickmill
Broker

GBPAUD is testing major resistance at 1.7974 (Fibonacci extension, horizontal swing high resistance, bearish price action, bearish divergence) and a strong reaction could occur at this level to drive price down to 1.7439 support (Fibonacci retracement, horizontal swing low support).

Stochastic (34,5,3) is seeing major resistance at 96% and a corresponding reaction could occur at this level. We can only see bearish divergence vs price signaling that a potential reversal is impending.

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Tickmill
Broker
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
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