Always got to be wary going LONG on the GBP in the current economic climate but from a technical standpoint GBP/AUD looks a reasonable LONG trade from these levels now supported by 2 key trend lines.
The channel shown that GBPAUD has been trading in for the last 2 weeks has finally been breached and price could now be supported by the top the channel and the lower rising trend line.My entry is 1.8088 with a STOP at 1.8058 and an initial target of WR1 pivot at 1.8342. No schedule news today to get in the way of this trade though GBP as ever will be at the mercy of supposition and rumour. Looks a decent set up for a 30 pip risk.
The channel shown that GBPAUD has been trading in for the last 2 weeks has finally been breached and price could now be supported by the top the channel and the lower rising trend line.My entry is 1.8088 with a STOP at 1.8058 and an initial target of WR1 pivot at 1.8342. No schedule news today to get in the way of this trade though GBP as ever will be at the mercy of supposition and rumour. Looks a decent set up for a 30 pip risk.