GBPAUD - Bearish Confluences
Multiple bearish confluences are presented on GBPAUD.
First and foremost from a fundamental perspective, we observed an extremely bearish Pound over the course of Monday's trading sessions. Whether the pound's weakness will continue I am uncertain, but in the short term it appears the likely direction given the current state of the Brexit/Coronavirus affairs.
From a technical perspective, at CMP we are resisted by the 200 EMA in line with the descending trendline. The highlighted grey zone illustrates an area of previous support-turned-resistance which price has remained below since.
Price is currently resting on a support level from July however should this break we may see a drop to the 2020 low at around the 1.75 psychological. I will be assessing this pair during Tuesday's London session for a potential entry.
First and foremost from a fundamental perspective, we observed an extremely bearish Pound over the course of Monday's trading sessions. Whether the pound's weakness will continue I am uncertain, but in the short term it appears the likely direction given the current state of the Brexit/Coronavirus affairs.
From a technical perspective, at CMP we are resisted by the 200 EMA in line with the descending trendline. The highlighted grey zone illustrates an area of previous support-turned-resistance which price has remained below since.
Price is currently resting on a support level from July however should this break we may see a drop to the 2020 low at around the 1.75 psychological. I will be assessing this pair during Tuesday's London session for a potential entry.
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