FX.co ★ GBPAUD holding below descending trendline resistance! Drop incoming!

GBPAUD holding below descending trendline resistance. With technical indicators showing room for further bearish momentum, a short term intraday drop below 1st resistance at 1.88495 towards graphical swing low and 1st support at 1.87707 could be possible.

Trading Recommendation

Entry: 1.88495

Reason for Entry:

61% Fibonacci retracement, descending trendline resistance

Take Profit: 1.87707

Reason for Take Profit:

-27.2% Fibonacci retracement, graphical swing low support

Stop Loss: 1.89148

Reason for Stop Loss:

Graphical swing high resistance