Strong Sell Setup with Bearish Cypher Pattern and Key Level

Hello Traders

check the analysis for GBPAUD

the GBPAUD is presenting a possible sell opportunity as we are currently observing a beautiful bearish Cypher pattern near the strong key market level of 1.8300. Additionally, we are at a strong supply zone where the market previously dropped 1000 points, indicating that this area may serve as a strong resistance to the price.

However, due to the potential for high risk, it is recommended to wait for a retest and confirmation before entering into a trade. This will provide a good sell setup with a favorable reward-to-risk ratio.

To summarize, the GBPAUD presents a potential sell opportunity due to the bearish Cypher pattern and strong supply zone. A cautious approach is advised, with a focus on waiting for confirmation to enter the trade with a favorable risk-to-reward ratio.