Facts:
The price bounced off the upper limit of 1:1 structure at 1.9255
GBPAUD sits below the 100-period moving average form H4 interval
Recommendation:
Trade: Short position on GBPAUD at market price
Target: 1.8765, 1.8518
Stop: 1.9475
Opinion: Looking at the GBPAUD chart at the H4 interval, one can see that the price bounced off the key resistance today. The price bounced off the resistance marked with the upper limit of 1:1 structure at 1.9255. According to the Overbalance strategy, as long as the price sits below the aforementioned resistance, the main trend remains downward. In addition the price sits below the 100-period moving average from the H4 interval which also confirms the bearish scenario. We recommend going short GBPAUD at market price with two targets: 1.8765 and 1.8518. We also recommend placing a stop loss order at 1.9475 Source: xStation5
