Hi Traders! GBPAUD sell opportunity update and follow up is here. In the previous post here I mentioned “On the H4 chart the price has created a double wave up. The price which was moving higher has reached the critical zone and is currently moving lower. We also have a good uptrend line that has formed, if the price breaks and holds below this uptrend line, we may then look for pullbacks and sells with bearish evidences. Alternatively if the price bounces from the uptrend line, then 100 and 161.8 fibo levels are the next zones to watch for bearish evidences”. Lets see how this setup has developed now.
GBPAUD H4 Chart:
On the H4 chart the price respected the uptrend line and moved higher towards the 100 fibo zone and then it moved lower again. Currently it looks like we have a false break of the trend line. If this turns out to be a valid breakout and if the price moves lower, holds below the trend line, we may then look for pullbacks and sells with bearish evidences.
Alternatively if the price moves higher again then the next area to look for sell evidences would be the critical zone shown in the screenshot. Once the price reaches this critical zone, wait for the price to move lower, break and hold below the trend line. We may then look for pullbacks and sells with bearish evidences.
Note: It is always recommended to look for confirmations before you jump into any trade. If you are not sure about how to trade this sell setup then you can use any setup and strategy that you have in your arsenal to look for bearish moves and join this sell trade.
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