Technical analysis GBPAUD for 12.08.2022

The Tenkan-sen line is located below the Kijun-sen line. Both lines are directed downward. Confirmatory line Chikou Span is below the price chart. In this case, the cloud is descending. Instrument is trading below the Tenkan-se and Kijun-sen lines. The closest resistance is the level 1.72210. The closest support is the level 1.71200

Key levels

• 1.73060, 1.72600, 1.72210, 1.71200, 1.70700, 1.70200

Trading scenario

• Recommended opening long positions (Buy Stop) from the level of 1.72210, with Take Profit of 1.72600 and Stop Loss of 1.71700

Alternative scenario

• Recommended opening short positions (Sell Stop) from the level of 1.71200, with Take Profit of 1.70700 and Stop Loss of 1.71700