channeltrader
Short

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.
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.
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
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
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