On the 4-hour chart of GBPAUD, we have observed a trendline breakout followed by a successful retest of the previous resistance, now acting as support. This pattern is a strong indicator of bullish momentum and suggests a potential buy opportunity.
With the retest confirming the strength of the breakout, this presents a good entry point for buyers. A continuation to the upside is expected as long as the price holds above the trendline support.
Strategy:
- Enter a buy position after confirming the retest.
- Set initial profit targets at key resistance levels above the breakout point.
- Use the retested trendline as a stop-loss area to manage risk.
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