GBPAUD bearish drop! | 22th Nov 2021

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Prices are on a bearish momentum and have recently broken out of our descending trendline. We see potential for dips from our 1st resistance at 1.85927 in line with 100% and 161.8% Fibonacci extension and graphical swing highs towards our 1st support at 1.84659 in line with 61.8% and 127.2% Fibonacci extension and 38.2% Fibonacci retracement. Alternatively, our stop loss will be placed at 2nd resistance at 1.86436 in line with 127.2% and 200% Fibonacci extension. Technical indicators are showing bearish momentum.

Trading Recommendation

Entry: 1.85927

Reason for Entry:

100% and 161.8% Fibonacci extension and graphical swing highs

Take Profit: 1.84659

Reason for Take Profit:

61.8% and 127.2% Fibonacci extension and 38.2% Fibonacci retracement

Stop Loss: 1.86436

Reason for Stop Loss:

127.2% and 200% Fibonacci extension

The material has been provided by InstaForex Company - www.instaforex.com

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