FX:GBPAUD   British Pound / Australian Dollar
The GBPAUD pair has formed a descending channel pattern on the hourly chart indicating that the pair is in a strong bearish trend. The pair recently broke out of the channel to the upside and retraced back to the 50% Fibonacci level of the channel. This suggests that the pair is likely to move higher in the coming days. As such, we suggest going long on the pair with a stop loss below the 50% Fibonacci retracement level and a take profit target at the upper channel resistance.

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.