Jacksonian
Short

GPBAUD Spike Trade Rejection or Break

FX:GBPAUD   British Pound / Australian Dollar
These spikes are starting to show strong rejection. There is a trend line bringing the price up, and with a change in the head of the Reserve Bank of Australia, anything could happen. The blue rectangle represents the unknown zone. I would suggest targeting the short term short, and put your stop loss at the top of the blue rectangle . If the price closes above the rectangle , close the short, and go long, otherwise, stay short and target those 100 pips. If price breaks the blue rectangle , it will easily cover your loss on the short position and still give you profit. There should be profits either way.
Comment: If it climbs 20 more pips and closes, then buy
Comment: Still in the green. I would put a close order where the bottom of the previous hours wick touched
Comment: If price closes below 1.958, we should be in for a drop further than where my original target was placed
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