FX.co ★ GBPAUD Potential For Bearish Continuation | 16th June 2022

On the H4, with price moving below the ichimoku cloud and in a descending trendline, we have a bearish bias that price will continue to drop from the 1st resistance at 1.74377 in line with the 61.8% fibonacci projection and pullback resistance to the 1st support at 1.72101 in line with the swing low and 78.6% fibonacci projection. Alternatively, price may reverse to the 1st resistance and rise to 2nd resistance at 1.75459 at the swing high in line with the 50% fibonacci retracement.

Trading Recommendation Entry: 1.74377

Reason for Entry:

61.8% fibonacci projection and pullback resistance

Take Profit: 1.72101

Reason for Take Profit:

Swing low and 78.6% fibonacci projection

Stop Loss: 1.75459

Reason for Stop Loss:Swing high in line with the 50% fibonacci retracement.