Price has formed both a bearish false break Pin Bar and false break Bearish Engulfing Bar (BEEB) on the daily price action chart of the GBPAUD. Price broke lower of the pin bar and moved into the very close near term support level before moving higher to test the high of the pin bar. Price tried to break the high of the pin bar before the bears came in and price collapsed creating another false break of the resistance and this time forming a bearish engulfing bar.
The near term support level that applied for the pin bar also applies for the BEEB. If price can continue lower, the first level price will have to worry about is the near term support and if price can break this, then the next support comes in around 1.8235.
Price has been in an up-trend of late with price making higher highs and higher lows. Both the false break pin bar and bearish engulfing bar are trying to fight this up-trend and at this stage are doing a good job of it. If price makes it into the near term support level, the support could prove critical to what price does over the coming days.
GBPCAD Daily Chart
i think Johnathon fox this is not GBP/AUD and i think this is GBP/CAD please recheck and tell me
thank you johnathon
Thanks Himal!