FX.co ★ GBPAUD Potential For Dips| 7th Dec 2021

Prices are on a bearish momentum and abiding to our bearish trendline. We see potential for a dip from our 1st resistance at 1.89166 which is a graphical overlap and area of Fibonacci confluences towards our 1st support at 1.85272 which is an area of Fibonacci confluences. Breaking the 1st support will find prices dipping further towards our 2nd support at 1.81448 in line with 100% and 78.6% Fibonacci extension. Technical indicators are also showing bearish momentum. Alternatively, our stop loss will be placed at 2nd resistance at 1.91542 which is an area of Fibonacci confluences and also in line with our bearish trendline.

Entry: 1.89166

Reason for Entry:

Graphical overlap and area of Fibonacci confluences

Take Profit: 1.85272

Reason for Take Profit:

Area of Fibonacci confluences

Stop Loss: 1.91542

Reason for Stop Loss:

Area of Fibonacci confluences and also in line with our bearish trendline