GBPAUD-another 0.61 retracement

FX:GBPAUD   British Pound/Australian Dollar
986 12 15
I like this setup, just like the GBPCHF             this pair is retracing to the 0.61 fib that offers a strong resistance.
The round number 2.200 is also at that area.
As expected, after dovish GBP rate news the targets are reachable.
See you tomorrow!

I like this setup as well, could very well function as well as my idea too, here is it:
GBPAUD ascending triangle idea
+1 Reply
FullTimeTrader Koryphaeen
Looking at W1 and D1 charts the last highs will be hard to be rached, the rate news will decide, lets see tomorrow. Regards.
+1 Reply
Koryphaeen PRO FullTimeTrader
Yes, could be true, but if you see the previous ascending triengle, which I didn't draw it on my chart, but it's obvious (in that point I thought the same thing, that it couldn't go higher), worked perfectly. Anyway, if rates are bad, there is a chance for me to follow the down move when blue support is broken. Let's see tomorrow, as you say. Regards.
Are you waiting the news announcement tomorrow to enter this trade?
Its depends on each trader, personally i have already closed the trade before the news with 150 pips profits and keep my GBPCHF short trades opened. Just in case, i do no want to overexpose my account in case of non expected news. Regards.
ellee FullTimeTrader
GBP news just out, seem like the news is good for the GBP, should i still keep my short GBPAUD open ?? im planning to trade long term on these pair. Thanks
hello, i was sleeping when the news were released and i see they were "neutral", my bias is still short on this pair. If you are already short i would hold the positions moving SL to BE. The AUD is getting stronger against other currencies.
Your idea is supported by simple bear flag pattern trade!
GBPAUD. BEAR flag - sell below flag (2.18) with target at 2.14
Nice find! we have an opportunity to re-enter following your setup, regards.
aibek FullTimeTrader
Indeed, as I was crying missing your entry ))))
But it wasn't so obvious and safe for mass traders.
Here is clear risk area above the flag.
Thanks for nice setups!
Waiting for confirmation on the breakout of the trendline here, I think break upwards is less likely, hoping for a continuation of the down trend..., made some decent pips on this pair already this week!
Good idea, good luck!
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