Potential GBPAUD reversal to downside.

11 Feb 2019

After closing last week with a shooting star back below the resistance level of 1.8250, we completed a fibonacci retracement of 71.00 on the daily TF. Creating a H&S pattern on the hourly TF we broke, closed below and retested the trend line and resistance level again. Im looking for a potential short to the D extension at 1.7700, with support in between at 1.8000 and 1.7900 . If we could break both supports, we might continue and break the weekly support of 1.7750 to continue to the next D extension and monthly support around 1.7500 - 1.7457. But I'd like to see the weekly support tested since we know there's a 75% chance of hitting the weekly key levels after breaking a monthly key level.