GBPAUD - short opportunity

27 ม.ค. 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.