GBP/AUD: 1-hour
Anybody gutsy enough to take a countertrend forex setup? You might wanna look at this ascending channel on GBP/AUD’s 1-hour time frame because the pair is just about to test the resistance! Price is nearing the 2.1400 major psychological level, which might keep further gains in check and send the pair back down to the bottom of the channel around the 2.1100 mark. Stochastic is indicating overbought conditions so pound bulls might need to take a break and let sellers take over. The 100 SMA is still above the 200 SMA, though, which means that the uptrend could stay intact and that an upside break might be possible. If you’re hoping to catch the long-term trend at a better price, you could still wait for a bounce off the middle of the channel or the bottom.
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