GBPAUD Possible TRANSITION. WILL BEARS TAKE CONTROL?
Taking a look at the WEEKLY timeframe,, price closed engulfing the previous weeks candle to the downside. It is a strong possibility that price will be bearish this week. However if it isn't I will still be prepared for the bullish move as you can see identified on the 1H timeframe.
Price is current sitting at a strong price point with signs of exhaustion. So it is clear we will first get some pull back. Based on the weekly close I am looking for bearish moves though. So I will look to enter near the top of the 1H bearish channel, in confluence with a 62.8 retracement, and previous support/resistance area identified on the 1H.
Last week, FRIDAY closed a strong, thick bearish candle as well; giving us signs of potential bearish moves to come.
Price is current sitting at a strong price point with signs of exhaustion. So it is clear we will first get some pull back. Based on the weekly close I am looking for bearish moves though. So I will look to enter near the top of the 1H bearish channel, in confluence with a 62.8 retracement, and previous support/resistance area identified on the 1H.
Last week, FRIDAY closed a strong, thick bearish candle as well; giving us signs of potential bearish moves to come.