GBPAUD has been consolidating out of its previously bearish moves and appears to be turning higher. Its price action recently have been over the confluence of MAs which have been crushed closer. Looking to long to 1.5200, the base of the previous congestion.
Stop will be a hourly close below and consolidation under the MAs. Something like a lot of hourly candles or a conclusive break under 1.4850.
To the best of good buys!
Will check back at around 22:00 GMT when the spreads come down. Entry will be somewhere around the 1.4850 price.
Long at 1.4860. Good luck!
Trade closed: stop reached:
Closed at 1.4805. Looks like that down channel from 3/24 7:00 GMT is still in play. Going to go long if that channel breaks higher because on an hourly chart this is still in an uptrend. For now, going to watch AUDUSD and NZDUSD as those appear to be breaking higher.