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GBP/AUD buy opportunity as the price regains the bullish momentum

By: Invezz
GBP/AUD trading strategy
  • Buy/sell asset: Buy GBP/AUD
  • Entry price: 1.93900
  • Stop loss: 1.93000
  • Leverage: 1x
  • Take profit 1: 1.94500
  • Take profit 2: 1.95500
  • Take profit 3: 1.96500
  • Timeframe: 1-2 weeks
  • Maximum profit: 1.35%
  • Maximum loss: 0.45%
GBP/AUD chart and technical analysis

GBP/AUD is retaining the bullish momentum after the recent correction to the 1.92900 support area. The price of GBP/AUD made a correction after breaking above the previous high of 1.95250. The technical indicators indicate that the price is likely to rally more in the coming days.

The price left long bullish candles with imbalances and fair value gaps after recovering from the recent correction. The price closed above the recent high of 1.94450. I am expecting the price will reach new highs after retracing back to the 1.93900 support level.

I am considering the 1.93900 support level for long entries as it is a key support level that will push the price upwards. Moreover, this price is around the 0.5 Fibonacci retracement level and the price left long bullish candles around the same price area. There is also a bullish order block which is also a confirmation of a potential rally from this price level.

GBP/AUD fundamental analysis

The Fed will announce the interest rates decision tomorrow if the interest rates are reduced the price of GBP/AUD is likely to drop as this will strengthen the Australian dollar. Conversely, if the rates are kept unchanged the price of GBP/AUD could go up or remain sideways.

Great Britain pound to Australian dollar trade idea takeaways
  • The price of GBP/AUD is likely to rally further after retracing back to the 1.93900 support level.
  • The price of GBP/AUD will probably rally to the 1.96500 level in the coming days.
  • Multiple take-profit levels have been added to secure profit along the way.
  • The risk-to-reward ratio on this trade is 1:3.
  • The entry and stop-loss prices have been placed at secure levels with the least probability of getting hit.
  • Good luck

The post GBP/AUD buy opportunity as the price regains the bullish momentum appeared first on Invezz

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