GBP/AUD Price Analysis: Bears eye daily downside extension

GBP/AUD bears seeking downside extension.
A discount from current support on the cards.

Ross J Burland FXStreet

GBP/AUD is on a southerly trajectory on the longer-term charts and the following illustrates where the next opportunity could arise from a market structure perspective.

Daily chart

The daily chart shows that there is the potential of a daily downside extension following a significant correction to the prior structure.

4-hour chart

The bears are waiting to pounce at the 21-EMA on the 4-hour chart.

1-hour chart

As for the 1-hour chart, the conditions are already bearish according to the Momentum indicator.

That being said, a discount from the support is still not out of the question.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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