GBPAUD: Classic Consolidation 🇬🇧🇦🇺

30 thg 5, 2022

As we earlier discussed, GBPAUD is trading within a wide horizontal trading range on a daily.
1.7787 - 1.789 is its resistance.
1.717 - 1.727 is its support.

Approaching an upper boundary of the range, the price started to coil and formed one more range.

To short GBPAUD watch 1.7567 - 1.764 horizontal support.
Wait for a daily candle close below that as your trigger to open a position.
Then a bearish continuation will be expected to the support of the range.

Alternatively, if the price breaks the upper boundary of the range,
the setup will be invalid and a bullish continuation will be expected.

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