GBPAUD Potential Short Set up
As you can see, price has tested 1.84000 multiple times over the past couple of days. We are currently in a consolidation period, with Brexit news incoming the market seems to be preparing for the outcome of those results.
If we can see a clear 4h rejection of 1.8400 we would be looking for some downside for this pair. 1.8400 is also lining up nicely with our 38% fibonacci level which gives me another confirmation for entry short. Not only that it looks to be respecting its 1H trendline.
Target wise, I would be looking at the weekly support level at around 1.82500, which lines up nicely with my 27% fib target.
A break and close above 1.8400 would invalidate this set up and I would be then looking at a daily close to see if price has rejected a day key level at 1.84300. If we see a break and close above this, upside would be my new bias.
If we can see a clear 4h rejection of 1.8400 we would be looking for some downside for this pair. 1.8400 is also lining up nicely with our 38% fibonacci level which gives me another confirmation for entry short. Not only that it looks to be respecting its 1H trendline.
Target wise, I would be looking at the weekly support level at around 1.82500, which lines up nicely with my 27% fib target.
A break and close above 1.8400 would invalidate this set up and I would be then looking at a daily close to see if price has rejected a day key level at 1.84300. If we see a break and close above this, upside would be my new bias.
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