GBPAUD - Trading The Channel 📈

20 Nov 2023

Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst.

📈 GBPAUD has been trading inside a big range between our green support and blue resistance.

Lately GBPAUD has been bearish trading inside the falling red channel and it is currently approaching its lower bound.

Moreover, the zone 1.89 - 1.895 is a strong support.

🏹 Thus, the highlighted red circle is a strong area to look for buy setups as it is the intersection of the green support and lower red trendline acting as a non-horizontal support.

📚 As per my trading style:
As #GBPAUD approaches the lower red circle zone, I will be looking for bullish reversal setups (like a double bottom pattern, trendline break , and so on...)

📚 Always follow your trading plan regarding entry, risk management, and trade management.

Good luck!

All Strategies Are Good; If Managed Properly!
~Rich