GBPAUD - Short position with some risk

FX:GBPAUD   British Pound/Australian Dollar
Risk to the trade comes from the low of 1.78296 which has held quite nicely and pushed price to the upper channel line. So although a short position is still in play, the target of 1.70635 will be in doubt until the low is broken. For now, there is no view of a minor up trend taking shape, so we stick to the short side.
I have almost the identical trade on. Short from 1.8099 Targetting 1.7830. I can imagine the internal decending triangle playing out so once that target is hit, barring a breach of the support I'll watch for a bounce up to the 1.7950-1.8000 range for another short.
+1 Reply
Two strong currencies right now and normally a great pair to trade.

With two previous tests of resistance topside I am inclined to wait for a third test.

Good luck with your trades my friends.

+1 Reply
Yes, the descending triangle is quite visible which puts the target to 1.75. Pound lost some steam after yesterday's comments by Carney and right now Aussie has been a bit weaker across the board.
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