The GBP/AUD pair on the H1 chart exhibits a bearish signal suggesting a potential decline in the coming hours. A recent downward breakout from a triangular consolidation pattern could offer a shorting opportunity.
Key Points:
Triangle Breakout: The price has been confined within a triangle formation, characterized by converging support and resistance lines. This often indicates indecision before a decisive move. However, the recent break below the lower support line at 1.9265 suggests a shift in momentum towards the downside.
Sell Entry: Consider entering a short position around the current price near 1.9265, offering an entry point close to the breakout level.
Target Levels: Initial bearish targets lie at the support levels of 1.9114 and 1.9027, marking previous support zones within the triangle.
Stop-Loss: To manage risk, place a stop-loss order above the resistance 1.9400
Fundamental Updates :
Bank of England (BoE) Meeting and Interest Rate Decision (Feb 2): While the BoE is expected to raise rates again, the focus will be on the size (25bps or 50bps) and future policy guidance. Dovish pronouncements could weaken the GBP and support AUD selling against it.
Risk-Off Sentiment: A general deterioration in global market sentiment could drive investors towards the safe-haven AUD and put downward pressure on GBP/AUD.
Thank you.
Key Points:
Triangle Breakout: The price has been confined within a triangle formation, characterized by converging support and resistance lines. This often indicates indecision before a decisive move. However, the recent break below the lower support line at 1.9265 suggests a shift in momentum towards the downside.
Sell Entry: Consider entering a short position around the current price near 1.9265, offering an entry point close to the breakout level.
Target Levels: Initial bearish targets lie at the support levels of 1.9114 and 1.9027, marking previous support zones within the triangle.
Stop-Loss: To manage risk, place a stop-loss order above the resistance 1.9400
Fundamental Updates :
Bank of England (BoE) Meeting and Interest Rate Decision (Feb 2): While the BoE is expected to raise rates again, the focus will be on the size (25bps or 50bps) and future policy guidance. Dovish pronouncements could weaken the GBP and support AUD selling against it.
Risk-Off Sentiment: A general deterioration in global market sentiment could drive investors towards the safe-haven AUD and put downward pressure on GBP/AUD.
Thank you.
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