GBPAUD testing resistance, potential drop!
GBPAUD is approaching our short term descending resistance line and first resistance at 1.8470 (horizontal swing high resistance, 100% Fibonacci extension). A strong reaction might occur below that level, pushing price down to our major support at 1.8356 (horizontal overlap support, 38.2% Fibonacci retracement).
RSI (89) is also approaching our major resistance and a reaction off this level might be a good precursor for a potential drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
RSI (89) is also approaching our major resistance and a reaction off this level might be a good precursor for a potential drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
Nota
reversing nicely down!
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
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