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Long

GBP/AUD forms Bearish Cypher pattern, good to buy at dips

FX:GBPAUD   British Pound / Australian Dollar
208 0 2
Harmonic PatternBearish Cypher Pattern

Potential Reversal Zone (PRZ)-2.03000

The pair has recovered after making a low of 2.0300 level. Overall trend is still bullish as long as support 2.0300 holds.

On the downside any break below 2.0300 will drag the pair further down till 2/1.97716.The minor support is around 2.070/2.050.

GBP/AUD             has made a high of 2.12 and started to retreat from that level. It is currently trading around 2.0880.

The major resistance is around 2.1250 and break above would extend gains till 2.1584/2.1885.

It is good to buy at dips around 2.070 with SL around 2.029 for the TP of 2.158/2.1885.
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