FX.co ★ GBPAUD holding below descending trendline resistance! Drop Incoming!

GBPAUD is holding below descending trendline resistance. With technical indicators showing room for further bearish momentum, a short term intraday drop below our 1st resistance at 1.90484 towards our 1st support at 1.89791 could be possible.

Trading Recommendation

Entry: 1.90484

Reason for Entry:

23.6% Fibonacci retracement, descending trendline resistance, moving average resistance

Take Profit: 1.89791

Reason for Take Profit:

-27.2% Fibonacci retracement

Stop Loss: 1.91283

Reason for Stop Loss:

78.6% Fibonacci retracement