GBPAUD approaching resistance, potential bounce!
GBPAUD is approaching our first resistance at 1.7957 (Horizontal overlap resistance, 100% fibonacci extension, 50% fibonacci retracement) and a strong drop might occur below this level pushing price down to our major support at 1.7835 (38.2% Fiboancci retracement).
Stochastic (55,5,3) is also approaching resistance and we might see a corresponding fall in price should it react off this level.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks
Stochastic (55,5,3) is also approaching resistance and we might see a corresponding fall in price should it react off this level.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results