GBPAUD Short Idea. Will this major doubletop brings GBPAUD down?

2022年12月22日

GBPAUD has its uptrend going on for sometime now and it's currently at the retest zone of a major double top in the weekly/monthly timeframe. Since the monthly and weekly shows bearish structure, I believe the GBPAUD will begin to shift from short term uptrend to downtrend after the retest on the double top neckline. Daily timeframe shows a bearish engulfing candle as confirmation, rejecting the neckline zone.

Will look for Short opportunities when price pullback depending on which direction into the green zone / orange zone and continue heading lower to 1.77500 range (weekly support).

First time sharing my idea here. Usually I don't really share ideas on TradingView. Do let me know what's your idea/feedback if you have. Thanks for reading my idea.