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GBP/AUD Potential Upward Movement

GBP/AUD Long-Term Trend: Bullish

Key Resistance Levels: 1.86289, 1.87134, 1.88000.

Key Support Levels: 1.85375, 1.84416, 1.84000.

Daily Chart:

The price on the higher time frame posted an engulfing bullish pattern near a strong support (1.85363) which led to a breakout of the bearish channel to the upside. A retracement has been posted near this are where we expect a move upward now toward the next key level.

GBP/AUD Medium-Term Trend: Bullish

1-Hour Chart:

On the lower time frame, the pair succeeded to break the small bearish channel to the upside where a double bottom has been level. now the market is traded above the 1.85363 AUD level where we expect a slight correction before a new impulsive wave toward the target profits.

Signal Idea:

Buy Limit Order @ 1.85363

TP 1 @ 1.86289

TP 2 @ 1.87134

Stop Loss @ 1.84900

Trade Safely 🙂

About Joe Damien

Joe is a proven Forex analyst and manual trader with 6 years of full-time trading experience. He is a swing trader that relies on price action, market structure and Fibonacci retracement. His two most successful pairs are CHF/JPY, CAD/JPY, but his expertise allows him to profit on any asset or pair.

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