FX:GBPAUD British Pound/Australian Dollar
GBPAUD pulls back to the 50 , and to the 50% Fibonacci retracement from a recent swing low to swing high. Price is also above the 200 EMA. I found these factors, as well as the general behavior of the candlesticks on the daily and 4 hour timeframes, enough to warrant taking the risk here to put on a trade. I'm set to go long at 8020, with my stop at 7970 and my target profit at 8300. I'm risking 50 pips to gain 280, for a reward/risk of 5.6.