The GBPAUD pair is currently testing the 38% Fibonacci retracement and fails to breakout. In terms of technical indicators, the RSI is also on a level of resistance that may indicate a potential entry point to a downtrend. Investors will therefore attempt a bearish trade on the pair with a stop placed above the last highs to target a return on the 1.4810 level.
Direction: Down
Entry: 1.4976
Stop-loss: 1.5110
