Possible buying opportunity for GBP/AUD soon! Recently we have seen and impulse followed by corrective movement within the GBP index and therefore i am bullish on the pound for the time being. This is also evident within GBP/AUD as we can see impulses followed by corrections showing us clear trending movement and the intended direction of price. Taking that we're in an uptrend into account we need to look for another buying opportunity. Price is currently showing nice descending corrective movement which could create a higher low in the market. The level i will be watching for price to come into will be the structure and 61.8% Fib retracement level marked on the chart. if we see price stall at this level, followed by a nice momentum bullish candle on the 2hr time-frame then i will be looking to enter. My take profit will be the daily key level in the region of 1.89500.
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Feel free to leave any comments!