FX.co ★ GBPAUD reacting below descending trendline, further drop incoming!

Price reacting below descending trendline resistance. A further drop below our 1st resistance at 1.80722 towards recent swing low and 1st support at 1.79935 could be possible. Stochastic is testing resistance where price pulled back in the past as well.

Trading Recommendation

Entry: 1.80722

Reason for Entry:

50% Fibonacci retracement

Take Profit: 1.79935

Reason for Take Profit:

Horizontal swing low support

Stop Loss: 1.81037

Reason for Stop Loss: