GBPAUD facing bearish pressure, potential for further downside!

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Price is facing bearish pressure as it continues to hold below the descending trendline resistance and Ichimoku cloud, in line with our bearish bias. Price could potentially reverse at 1st resistance, in line with 61.8% Fibonacci retracement, horizontal pullback resistance and descending trendline resistance, and further downside towards 1st support, in line with -27.2% Fibonacci retracement, 100% Fibonacci extension and horizontal swing low support.

Trading Recommendation

Entry: 1.78701

Reason for Entry:

61.8% Fibonacci retracement, horizontal pullback resistance and descending trendline resistance

Take Profit: 1.77407

Reason for Take Profit:

-27.2% Fibonacci retracement, 100% Fibonacci extension and horizontal swing low support

Stop Loss: 1.79303

Reason for Stop Loss:

50% Fibonacci retracement and horizontal swing high resistance

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

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