GBPAUD Short setup

_________________________
Keep in notice, that a rising wedge have poor performance, looking at a historical view
When a wedge is performing as expected the price, have a bigger percentage of breaking the support, than the resistance.
while there is a big risk of the opposite happening....
_________________________

Fibonacci drawn from b to a.

the price have testet level 1.272 twice
and is losing some momentum in the circle drawn on the chart.
the price is ranging between the box drawn inside the circle.

This could be a sign for downside to 1.74979 Support level.
0.886 on fibonacci. if the support line in the wedge breaks.
a small correction to the support line, (which will be the new resistance line) in the wedge is expected befor further downside.

While breaking it will mean a further downside to the
1.72360 support level. 0.707 on fibonacci.
befor any correction to the new resistance line.

_________

if the price breaks above resistance line in the wedge, it could mean,
that the price is headed for the 1.83200. before a minor correction back to the wedges resistance line.
-----
Entry will be when the wedge is broken.