If you followed my analysis on GA last week, we took a short buy which got to our TP but as i said the overall trend on GBPAUD was a sell. The sell did happen at resistance level of 1.76229 around the 50% fib level but price got rejected again on the support level at 1.72596 and also bounced off my trendline (Third touch) which further confirms the change in price direction for a buy. I expect a push back up to 1.76229/1.77262 for a proper rejection before the main SELL happens!
Mind you, we also have to take into consideration of the upcoming fundamental news this week on AUD cash rate followed by RBA statement on Tuesday and GBP monetary policy and GDP coming up on Thursday and Friday respectively.
Trade recommendations: Look for a buy option around 1.73499
TP 1: 1.74910
TP 2: 1.76229
TP 3: 1.77262
Note: As always we react to what we see in the market!
Mind you, we also have to take into consideration of the upcoming fundamental news this week on AUD cash rate followed by RBA statement on Tuesday and GBP monetary policy and GDP coming up on Thursday and Friday respectively.
Trade recommendations: Look for a buy option around 1.73499
TP 1: 1.74910
TP 2: 1.76229
TP 3: 1.77262
Note: As always we react to what we see in the market!