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GBPAUD - Potential BUY from 200 Daily MA - 400-500 PIPS TP

Long
British Pound / Australian Dollar (FX:GBPAUD)  
ForexStoreau  
FX:GBPAUD   British Pound / Australian Dollar
Trend Analysis Chart Patterns Technical Indicators gbpaudlong GBPAUD wedgebreakout Fibonacci Retracement 200ma 200sma
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trendanalysis chartpattern indicator gbpaudlong gbpaud wedgebreakout fibonacciretracement 200ma 200sma
GBPAUD is approaching the daily 200 MA at roughly 1.8040/1.8060 - This is also the 50% FIB retracement.
The pair are in a descending wedge pattern which is indicating a reversal, the RSI has also formed a descending wedge.

Entry for a buy at 1.8060 with a stop loss below the moving average at 1.7980
Target area of 1.8500 which is the 78% FIB

Potentially 400-500 PIPS up for grabs!


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