📌 Potential SELL setup for: GBP/AUD

👩🏽‍💻Technical: Strong bearish bias on the monthly chart. Looking at the weekly chart, the price has been facing significant resistance due to multiple rejections of the weekly moving average of 50. On the daily chart, the current formation of a bearish engulfing candlestick is suggesting a potential price drop and a break below the daily moving average of 20 would confirm this trend. However, it's important to note that the price has not yet broken past the neckline of the M pattern on the 4-hour chart, which is necessary to fully confirm the bearish trend.

🎯 For an ideal entry: I suggest to wait for the price to break the neckline of the M pattern on the 4-hour chart and then push > exhaustion the previous area of sensitivity. A bearish candlestick closure, ideally a bearish engulfing or shooting star, would confirm the entry.