Long GBPAUD
The recent sell-off in GBPAUD on Wednesday presents an interesting opportunity to consider. While it may be tempting to look for pull-backs to re-enter short positions, the Daily and 4-hour chart structures suggest we should focus on potential long opportunities instead. Despite the intraday higher lows being taken out, this could merely be a tactic to accumulate orders before moving higher.
In the 4-hour and 2-hour timeframes, significant bullish volume came in after the pair touched the previous support level at 0.84000. To identify potential long entries, we can either monitor the 1-hour timeframe imbalance at 1.84689 or target a close session high/low. It's important to focus on the London and New York sessions and wait for bullish momentum to emerge before making any decisions.
In the 4-hour and 2-hour timeframes, significant bullish volume came in after the pair touched the previous support level at 0.84000. To identify potential long entries, we can either monitor the 1-hour timeframe imbalance at 1.84689 or target a close session high/low. It's important to focus on the London and New York sessions and wait for bullish momentum to emerge before making any decisions.
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