Gbpaudsignal
GBPAUD - Holding Short (Update)If you catch the GBPAUD entry last night, this trade could turn into a mini position trade. If the 1.6400 area fails, we should see a bigger push down. Some of your may be tempted to take the 100+ pips now, but a lot more pips are waiting. I would at least leave part of your position open ;)
Keep an eye on news. News could cause a few spikes up, but the Sterling should continue to lose value in 2017.
Happy Trading!
GBPAUD - Buy a bounce, then SELLThe GBPAUD long term trend is most definitely bearish. However, the recent move is likely to bounce off the 1.6542 level. I would guess a short Fib bounce, then back down again. We have Retail Sales coming up shortly, so keep an eye on that.
Buy near 1.6542 with a pretty tight stop (because this is a counter-trend trade), hold for a consolation move, then reverse and sell. Downward targets can keep going because this pair continues to consolidate as it drops.
Trade safe and enjoy the ride.