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GBP/AUD: the downtrend is in place

GBP/AUD: the downtrend is in place

Information is not investment advice

GBP/AUD opened the week with a gap down. Things like that have already happened before and, back then, the price continued its way down. On the W1, the pair is now below the 50-week MA at 1.8835. The further resistance lies at 1.8990 – as long as GBP/AUD is below this level, the outlook will remain negative. On the downside, targets lie at 1.8640 (December low) and 1.8450 (100-week MA). In the short term, the price can attempt to get higher, to 1.8865, but sellers will likely re-emerge between this level and 1.8990.

Trade idea for GBP/AUD

SELL 1.8930; TP 1.8640; SL 1.9000

SELL 1.8750; TP 1.8640; SL 1.8780

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