GBPAUD has been Bearish on the H4 chart. Yesterday the pair took a strong Bearish move to start the day. However, the price had a strong bounce at a level, which is a very strong level of Support. The price has been right there to make its next move. There is a strong possibility that if we get a breakout at that level, then the price would head towards the South with very strong momentum. Let us have a look at the H1 GBPAUD chart.
GBPAUD Price Action Analysis – 18th Oct 2018
The level of 1.83460 is the level where the price had a bounce yesterday. The price then went towards the North and came back to the downside with a good momentum. If it goes further down by making a breakout at the level of 1.83460, then we would wait for the price to come back to the breakout level and to produce an H1 Bearish Engulfing Candle to offer us the short entry. Let us have a look at the summary of the trade…
- Sell Stop Order: 1.83460
- Stop loss: 1.84440
- Take profit: 1.82440
- Validity: 72 hours
- Whenever possible, move the stop loss to the entry price and whenever you want, you can take profit anytime as long as you feel comfortable
The GBP has a high impact news event at GMT 09.30 today. By looking at the chart, it seems that the signal would come after the news event. Let us hope that the news event does not end up producing a long spike on the H1 chart, but produces a good-looking candle. Meanwhile, be patient and keep your eyes on the pair during the news event.
The post GBPAUD Price Action Analysis – 18th Oct 2018 appeared first on Advanced Forex Strategies.
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