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GBP/AUD: bearish reversal

GBP/AUD: bearish reversal

Information is not investment advice

GBP/AUD has breached the support line from August 2019. What is happening at the chart looks like a pretty big change. The bullish trend is reversing down. On Thursday, the pair closed below the 100-day MA at 1.9450 and this level will act as resistance. The further resistance levels lie at 1.9600 and 1.9750. The next target on the downside is a 1.9215 (50% Fibonacci retracement of the 2019-2020 advance). 

Trade idea for GBP/AUD

SELL 1.9320; TP 1.9220; SL 1.9350


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