GBPAUD Bearish Flag Provides Sell Opportunity

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Hi Traders! GBPAUD bearish flag pattern provides sell opportunity for us. A detailed analysis of this sell setup is as follows:

GBPAUD H4 Chart:

On the H4 chart after the down move, the price is currently moving inside a bearish flag pattern. As we can see the price is currently below the middle of this pattern, if the price moves lower and if we get a valid breakout at the bottom of this pattern, we can then go ahead and look for sells. We also have two double wave down and based on the fibo extension levels of the first leg of these two double cycles we have two magnet zones that has formed. Once we get a breakout below the bottom of the bearish flag pattern, we may then expect the price to move lower until it reaches the two target zones marked in the image.

GBPAUD H1 Chart:

If you want to be more conservative then wait for the price to break below the most recent low at 1.79865 (horizontal line level) and once we get a valid breakout below this level, you may start looking for sells.

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Chief Trader at Traders Academy Club

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