GBPAUD Possible Breakout
GBPAUD has broken its trendline this morning and is heading towards R1.
Worth monitoring this pair over the next couple of hours to see how it reacts on R1.
My gut says its going to be a resistance and an opportunity to catch the retracement, based upon the oversold RSI, but if it breaks R1 there could be decent upside.
One to watch.
Worth monitoring this pair over the next couple of hours to see how it reacts on R1.
My gut says its going to be a resistance and an opportunity to catch the retracement, based upon the oversold RSI, but if it breaks R1 there could be decent upside.
One to watch.
Trade active
I'm taking a short position on this. RSI overbought (which is what I meant above, not oversold!) and big deceleration towards the R1 level. I anticipate a downward move towards the 382 fib (1.81208) which also nicely aligns with previous trendline acting as support.
The medium term on this pair I still think is bullish so setting a tight SL (1.5:1 RR) to minimise risk.
Note
Looking like a positive trade comfortably in the green at the moment.Trade closed: stop reached
As per one of my other trades yesterday, TP was just set slightly too low. Would have been a good trade but didnt get out in time, so hit the SL and took a loss.Hopefully someone got in on the upside as its broken all the way to the next resistance level!
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