FX.co ★ GBPAUD broke below ascending trendline! Further drop incoming!

GBPAUD broke below ascending trendline support (now resistance). With technical indicators showing room for further bearish momentum, a further drop below our 1st resistance at 1.88446 towards our 1st support at 1.87985 could be possible.

Trading Recommendation

Entry: 1.88446

Reason for Entry:

23.6% Fibonacci retracement, moving average resistance

Take Profit: 1.87985

Reason for Take Profit:

-27.2% Fibonacci retracement

Stop Loss: 1.88824

Reason for Stop Loss:

61.8% Fibonacci retracement, Ascending trendline resistance