FX_IDC:GBPAUD   British Pound / Australian Dollar
85 3 0
$GBP/AUD consolidation can be close to complete. The pair is expected to reach equal leg at 1.9385 - 1.949 and turn higher at least in 3 waves if not resuming the rally to new high. We don't like to sell the pair and favour buying the pullback in the above area against 1.92 ( 1.618 extension ) for a new high. We will move stop to break even when the pair has bounced 50 back of the decline from 2.0028.

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Remaining position stopped out at break even. We will post a new long setup
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Pair has already rebounded 50 back of decline from 2.003. We have taken half profit at 1.974 and let the remaining position run at break even.
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We have entered first position at 1.9493 (1.00 extension) and second position at 1.9385 (1.236 extension) for an average entry of 1.944. Initial stop loss 10 pips below 1.618 extension at 1.92 for 2% risk. We have moved stop loss to breakeven when the pair rallied above 1.95 on Friday after NFP. If market stops us out, will stay flat and re-evaluate the structure.
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