Bullish GBPAUD, retracement
Last trading week displayed huge bearish pressure or weakness of the British pound. There was a massive sell off, with the issues surrounding "Brexit" further weakening the pound. I'm expecting a retracement then a continuation of the original trend.
Reason for Bullish move:
1.) Price is currently in a demand zone.
2.) Price broke below the monthly trendline
3.) Price made a new low, now it needs to retest the previous low.
*this may be looking to far into the future, but i'm thinking price may create an Inverse head and should pattern. If you look on my chart, you will see a possible left shoulder has formed. (don't take my word for it, just something to think about).
Reason for Bullish move:
1.) Price is currently in a demand zone.
2.) Price broke below the monthly trendline
3.) Price made a new low, now it needs to retest the previous low.
*this may be looking to far into the future, but i'm thinking price may create an Inverse head and should pattern. If you look on my chart, you will see a possible left shoulder has formed. (don't take my word for it, just something to think about).