GBPAUD is testing the consolidation triangle resistance
GBPAUD is testing the confluence of the consolidation triangle and horizontal resistance 1.7700. A confirmed continuation below this level will give us a higher probability of the short trade entries. A rejection here and a break above 1.8000 is now required for the upside reversal and a pullback. The overall medium-term is downtrend but we need to see a confirmed continuation below 1.7700 for an extension lower. This is pointing to be a good risk to reward entry short-term and possibly medium-term.
Note – We are inclined to short trade entries with the stop loss above 1.7780.
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