GBPAUD - short opportunity

27 de jan. de 2023

Hi everyone and Happy Friday! The GBPAUD is trending towards the downside on the main higher time frames. The weekly chart is attempting to develop a bearish engulfing candlestick pattern and is aiming to break below the 20 and 50 moving averages. This bearish scenario is also visible on the daily chart. The 4-hour chart is providing further confirmation of a entry point with a bearish engulfing candlestick closure and a new 4-hour low, indicating incoming bearish pressure. However, it's important to have in mind that a pullback towards the moving averages may occur before the continuation of the downward trend. Overall, the analysis suggests that the GBP may be weaker compared to the AUD.