GBPAUD Daily S/R| Bullish Divergence| .50 Fibonacci| Local S/R

Evening Traders,

Today’s analysis – GBPAUD- breaking below Daily S/R, any pull backs into it is now considered bearish.

Points to consider,
- Price Action Impulsive
- Local S/R Support
- Daily S/R Resistance (.50 Fibonacci)
- Valid Divergence
- Increasing Volume

GBPUSD’s immediate price action is impulsive under resistance; this allows us to have a bearish bias on the market.

The Local S/R is current support that is likely to be tested once a bearish retest confirmed from the Daily S/R

The Daily S/R has technical confluence with the .50 Fibonacci, thus a rejection upon first attempt is plausible.

Currently there is a valid bullish divergence at play with increasing volume. This increases the probability if an influx into daily resistance leading into bearish continuation.

Overall, in my opinion, GBPAUD is a valid short with defined risk; price action is to be used upon discretion/ management of trade.

Hope this analysis helps!

Thank you for following my work

And remember,

“Win or lose, everybody gets what they want out of the market. Some people seem to like to lose, so they win by losing money.” – Ed Seykota