The British pound continued to slowly grind higher against the Aussie Dollar, as the GBPAUD pair is trading above the 100 hourly moving average. There is a support trend line formed on the hourly chart, which is protecting losses in the pair. However, I think it would be best to wait for a break below the highlighted trend line and support area for a sell entry.
We might witness a possible move towards the 2.14-13 if there is a convincing break lower.
Technical Analysis
D1– Chart highlighting the possibility a down move in GBPAUD.
Entry:
H1– We can enter a sell trade in the GBPAUD pair if it breaks the highlighted trend line and support area, and settles below it.
Target 1: 2.1550
Target 2: 2.1400
Stop Loss: Above the broken trend line and support area (turned resistance) combination.
Video Explanation
Yours,
Vladimir
