is forming off horizontal support coinciding with the bottom trendline
of an upwards channel on GBPAUD
. We're also at a 61.8% Fibonacci retracement
from the recent swing high to swing low, and are just below the 50 SMA
. All these factors suggest to me the prescence of a turning point. As such, I put in an order to go long at 7990 with my stop at 7920. My target profit is 1.82, giving me a reward/risk of 3. If Price closes above the dashed orange line I will move my stop to break-even.