Facts: GBPAUD is trading below the 100-period moving average from H4 interval The pair failed to break above the 1:1 structure Recommendation: Trade: Short position on GBPAUD at market price Target: 1.9000 Stop: 1.9235
Opinion: GBPAUD has been trading in a upward trend recently, but the pair may be experiencing a trend reversal. Looking at the pair at the H4 interval, one can see that the price failed to break above the upper limit of the 1:1 structure which, according to the Overbalance strategy, may herald a resumption of a downward trend. As long as the price sits below the 1.9186 the further downward move is the base case scenario. We recommend going short GBPAUD at market price with a target of 1.9000. We also recommend placing a stop loss at 1.9235. Source: xStation5
