This setup are base on the following reason.
1. GBPAUD still in major uptrend (as in chart below). even tho, price is come down for support. The price itself already reach the support point last week. it should go back down again for smaller . before going back to it's first major resistance at 1st Target.
2. Major line as shown in the chart below (monthly candle chart). where blue line of (1st Target) will be next move.
3. A big previous structure. around years 2008 - 2010. (As point by PURPLE box)
Setup configuration :: (More info with a bigger views in the follow up monthly chart.)
LONG @ 2.0450 , (As point by ORANGE box)
This number come from last week spike, as well as previous structure base on monthly chart down below. where it is do rejection from this point a few time around years 2008 - 2009.
STOP @ 2.0150 , (As point by RED box)
This number come from years 2008 - 2009 support with extra pip, where this should hold 2 major spike like what happen before, at around years 2008-2009. (as indicated by RED line) in monthly chart down below.
TARGET 1 @ 2.3500
This number come from multiple reversal, where support become resistance. hence, this should make a smaller rejection before returning to ever more uptrend.
TARGET 2 @ 2.6500
This number come from the upper-limit of range happen in around years 2004 - 2009. as seen on monthly chart.
addition monthly chart for bigger view. as well as, line.
Addition weekly chart of previous structure.