Is GBP still bearish?

8 ส.ค. 2022

GBP/AUD looks bearish on a higher time frame, crossing all the moving averages and we can see a daily bearish engulfing developing, which is a great indicator to confirm selling bias. On the 1-hour TF, a bearish engulfing is forming, and if it closes as it is, we will have a new H1 low. Talking about fundamentals, there is no big impact news today for both currencies, but hedge funds are selling off both currencies, so this trade might be a slow burner, but the setup is definitely looking strong for a short.