GBPAUD about to fall
#GbpAud- False break could lead to a drop
Last week, GbpAud broke above the 1.9170-1.9200 resistance zone and reached a high of 1.94.
However, the pair couldn't hold gains and dropped again under this resistance.
Usually, false breaks lead to strong reversals and drop/rise to the next important level and, in this case, the next support at around 1.86, maybe even further down!
That being said, traders should look to sell around 1.92, and considering a stop loss above the recent high, a 1:3 risk: reward could be achieved.
Last week, GbpAud broke above the 1.9170-1.9200 resistance zone and reached a high of 1.94.
However, the pair couldn't hold gains and dropped again under this resistance.
Usually, false breaks lead to strong reversals and drop/rise to the next important level and, in this case, the next support at around 1.86, maybe even further down!
That being said, traders should look to sell around 1.92, and considering a stop loss above the recent high, a 1:3 risk: reward could be achieved.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.