Last week we took a shot at the GBPAUD, however, we were taken out at breakeven. I have been watching the price action unfold and there appears to be a 4th wave triangle occurring, which indicates a bullish breakout to the upside.
We are resetting this position ready for a possible break to the upside.
GBPAUD – 1 Hour Chart
Trade Setup: BUY market execution, current price 1.7750, stop loss 1.7630 and take profit 1.8075.
Stop loss: 120 pips
Take profit: 325 pips