Potential sell limit at 1.7950
Multi Timeframe Analysis
Weekly
GBPAUD had been trending upwards since Jan 4 on the Weekly chart despite the pair’s overall downtrend since COVID’s July 2020. Expect a return to the bearish master trend in a few weeks.
Daily
GBPAUD provided strong impulse northward yet is now trapped in very strong weekly resistance seen by the shaded box. It is inconceivable the pair can go any higher as all the last daily candles have ranged in this area
Recommendation
Wait for price rejection on the 4H chart and go short at 1.7950 provided 4H provides bearish signals
Weekly
GBPAUD had been trending upwards since Jan 4 on the Weekly chart despite the pair’s overall downtrend since COVID’s July 2020. Expect a return to the bearish master trend in a few weeks.
Daily
GBPAUD provided strong impulse northward yet is now trapped in very strong weekly resistance seen by the shaded box. It is inconceivable the pair can go any higher as all the last daily candles have ranged in this area
Recommendation
Wait for price rejection on the 4H chart and go short at 1.7950 provided 4H provides bearish signals