GBPAUD Hits Lows : Could GBPUSD Remain Bearish?
Mon 30th October 2023 : Daily Forex Price Action
Today we’re looking at Trading Setups in:
- GBPUSD (Primary Focus Pair)
- GBPAUD (Covered In Video)
- AUDCHF (Covered In Video)
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Our Interest (pending order)/Open Interest (live position)
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GBPUSD has been highlighted by our live forex strength vs weakness tables for a short opportunity as USD is S3 and GBP is W3 on both tables
When the currencies are positioned here we need to make sure the technical analysis aligns with the tables bias.
GBPUSD is in a strong downward trend on the Daily chart.
Price of GBPUSD has remained below a Daily (D1) chart trend line which was formed at the high on 17th July 23.
We saw price reject this D1 trend line on 24th October 23, which saw price trade lower.
Currently we can see GBPUSD is ranging between the D1 highs of 1.2325 and D1 lows of 1.2050.
If price follows the tables, we should see the price trade through the D1 lows of 1.2050.
A break of these D1 lows could lead to a move down to the next D1 support of 1.1850 which formed on 8th March 2023.
On the H1 (Hourly) chart we can see a high formed on Friday 27t October at 1.2150, this level could be used as resistance for sellers.
If price reaches this level, triggers our alert, and forms a strong rejection we could look for a short idea to form from the 1.2175 handle.
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