GBPAUD 1H OANDA:
By looking at the GBPAUD 1H chart, we can notice that the price is currently ranging between 1.83700 and 1.82800. Looking closer, we can divide the consolidation range into two by illustrating the S/R area at 1.83250. Early buys can be taken on a breakout, or early sells can be taken on rejection. However, this would be a riskier trade; I suggest confluence volume when entering.
Bullish Scenario:
A break above 1.83700 and 61.80% Fibonacci retracement of the current bearish trend. This price action will confirm a break of the current bearish trend + a break of previous daily highs.
The first target would be the previous weekly high at 1.84300. If the price breaks above previous weekly highs, there is a high probability of continuing the bullish momentum to 1.85000.
Bearish Scenario:
A break below 1.82750 to take out previous daily lows would be a good confirmation to continue bearish to 1.82000. If the price reaches 1.82000, then the 1M candle will flip bearish; at that point, we will look for bearish price action to continue all the way down to 1.81000.
However, you have to be careful with the bearish scenario as we're entering a new week, which means a new weekly candle. I would like to see liquidity grabs to the topside before the bearish scenario confirmations.
By looking at the GBPAUD 1H chart, we can notice that the price is currently ranging between 1.83700 and 1.82800. Looking closer, we can divide the consolidation range into two by illustrating the S/R area at 1.83250. Early buys can be taken on a breakout, or early sells can be taken on rejection. However, this would be a riskier trade; I suggest confluence volume when entering.
Bullish Scenario:
A break above 1.83700 and 61.80% Fibonacci retracement of the current bearish trend. This price action will confirm a break of the current bearish trend + a break of previous daily highs.
The first target would be the previous weekly high at 1.84300. If the price breaks above previous weekly highs, there is a high probability of continuing the bullish momentum to 1.85000.
Bearish Scenario:
A break below 1.82750 to take out previous daily lows would be a good confirmation to continue bearish to 1.82000. If the price reaches 1.82000, then the 1M candle will flip bearish; at that point, we will look for bearish price action to continue all the way down to 1.81000.
However, you have to be careful with the bearish scenario as we're entering a new week, which means a new weekly candle. I would like to see liquidity grabs to the topside before the bearish scenario confirmations.
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London Volume giving us the anticipated bearish scenario planned..
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