Good evening Traders!
GBP/AUD looking really juicy for this week. Keeping in mind all the brexit talks and news let’s analyse the chart:
Here is the H4 chart of GBP/AUD. Price spike into the grey marked area which represents potential rejection zone. Keeping in mind the bearish bios of GBP because of the brexit, every sterling move higher acts and looks like a bull traps. If price manage to reject nicely with strong bearish formation, I will be looking for shorts where first target should be around 1.8400 and overall targets being weekly key level of 1.8250. If we spike even higher, weekly 1.8750 acts like a key resistance. Overall I remain bearish.
Stay safe and have a great week ahead!