Long
possible long setup
GBPAUD has been in ascending channel for many weeks and the base has not been broken in many occasions, now that it is in the same situation again I expect it to follow the same pattern.
There's also a change that it may choose to break the trend line because it has just reached to yearly ATH at 1.91597 and now may want to do some deep retracement. On that scenario, I hold my bias that it's done and now time to go back up (from upper channel retraced to lower channel, and now time to go back up)
Entry: lower than 1.89 higher than 1.889
SL: lower than 1.88858 however breaching 1.88858 would invalidate my analysis
TP: recent top that it didn't manage to break which is around 1.89513
GL
There's also a change that it may choose to break the trend line because it has just reached to yearly ATH at 1.91597 and now may want to do some deep retracement. On that scenario, I hold my bias that it's done and now time to go back up (from upper channel retraced to lower channel, and now time to go back up)
Entry: lower than 1.89 higher than 1.889
SL: lower than 1.88858 however breaching 1.88858 would invalidate my analysis
TP: recent top that it didn't manage to break which is around 1.89513
GL
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.