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gbpaud bear rejection

After a nice extended rally here on the GBPAUD daily chart, price has become a little turbulent as it slams into some stubborn resistance.

The resistance level has been defended by the bears after two attempts to push up into higher prices, both times the higher prices were denied. The most recent test – during last session, resulted in a strong rejection by the bears, closing the day as a bearish rejection candle

The body of the signal candle is nice and thick, which gives the signal more bearish value. It is against the overall uptrend, but these trends don’t last forever – and the market seems to have topped out on this level for the moment.