GBPAUD – Sell with a Break below Trend Line?

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

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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

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Vladimir Ribakov

Following 11+ years of trading experience, trading my own accounts as well as for hedge funds and brokerages, I have decided to fulfill my destiny and to personally mentor Forex and Commodities traders. When I released the “Broker Nightmare” (software that hides trades from brokers) 8 years ago, I found an overwhelming number of frustrated people who genuinely wanted to learn how to trade the Forex market, but instead found themselves scammed and misled. Over the years I have also release other trading systems based on my trading strategies, and met a lot of people on my worldwide Forex seminars. We’ve formed a close Forex community and we meet once or twice a year in various locations in Europe.