Hi Traders! GBPAUD forecast follow up and update is here. On May 7th I shared this “GBPAUD Forecast” in Trading View. In this post, let’s do a recap of this setup and see how it has developed now. If you would like to learn more about the way we trade and the technical analysis we use then check out the Traders Academy Club. Spoiler alert – free memberships are available!
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Now, let’s summarize the idea first:
My idea was as follows:
D1 – We have strong bearish momentum, the price has broken below the uptrend line and is holding below it.
Expecting new low to be created.
H4 – There are two possible scenarios here:
1. The price might continue lower directly from the current zone.
2. Or alternatively, the price might continue lower after small retraces.
This or the other way around my view remains bearish here.
GBPAUD H1(1 Hour) Chart Current Scenario
On the H1 chart, the price action followed my analysis perfectly and it moved lower further exactly as expected delivering 230+ pips move so far. This is yet another good example of how important it is to follow the facts. When the facts do happen as we expected you can see how the price perfectly moved as per the plan. Because these are the kind of hints the market provides us at majority of the times and it’s our obligation as traders to be able to listen to these things that the market tells us and we should try to make the right actions”.
(Note: You can follow me here on Trading View and also on my blog to get similar ideas on a daily basis)
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To your success,
Vladimir Ribakov
Certified Financial Technician
