↓ GBPAUD, looks like a decent drop to 1.90041 & 1.89477Good day everyone:)
I have been monitoring this setup for quite some time, and now it's a good opportunity to sell due to the following reasons:
• The price action on the daily was rejected at the 1.91000 level.
• On the 4-hour chart, there was a symmetrical triangle pattern that was broken towards the downside, with a push - exhaustion cycle completion.
• 1-hour bearish engulfing closure breaking through MA's of 20, 50 suggests bearish bias.
• Furthermore, on the 15-minute chart, we have a head & shoulders pattern that was successfully broken.
• Both currencies are being sold off by the hedge funds, adding additional confirmation to this setup to potentially drop further down to weekly support zone 1.90041, if it breaks then to 1.89477.
