Looking at GBPAUD on a weekly time frame price came to the weekly and quarterly resistance of 1.85 and rejected it with a bearish engulfing candlestick which completed a double top formation. This indicates strong bearish momentum for the following week to come.
i am looking for price to first head to the 1.806 daily level and if this level is broken the second level of interest would be the monthly support of 1.778.
I am currently waiting to see what price does at the volume profile level which is also a minor level of support and resistance, as a break and retest of this level could mean a potential entry to the downside target of 1.806
i am looking for price to first head to the 1.806 daily level and if this level is broken the second level of interest would be the monthly support of 1.778.
I am currently waiting to see what price does at the volume profile level which is also a minor level of support and resistance, as a break and retest of this level could mean a potential entry to the downside target of 1.806