GBPAUD – False breakout or the next sharp drop?

24 Jul

The GBPAUD pair continues to trade within a well-defined descending channel, with every bullish attempt being firmly rejected by the descending trendline. Recent candlesticks show a clear sell signal right at the FVG resistance zone.

Market-moving news:
Australia’s manufacturing PMI surprised to the upside → strong support for AUD
GBP remains under pressure after dovish comments from the BoE, diminishing hopes of further rate hikes.

If the price fails to break above the 2.0640 zone — creating yet another fake top — a sharp drop toward 2.0400 is highly likely.

Strategy: Look to SELL near the trendline and FVG zone, targeting 2.0400.

25 Jul

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