GBPAUD - Top of sideways resistance has now broken recent trend

Price has reached the top of long-term channel after 8 days of intense buying. Price has just broken below the recent trend line. With 8 days of intense buying this week, price is likely to drop as traders take profits (sell) on Friday, especially ahead of GDP estimate news at 4:30pm (GMT+8).

Looks like a very high probability trade.

Trade closed: stop reached:

Moved SL to R0.5 and got hit late on Friday. Price retraced back up to previous support level before being rejected.

If I hadn't moved the SL, I would have had a bigger loss.

Still potential for this pair to head lower, but needs a good price action signal