If you look at the daily GBPAUD chart it is clear that the pair is in a solid uptrend. The grind off the high at the 2.24 area is clearly corrective. Price has formed a nice double bottom and is moving strongly and impulsively higher. I see a clear continued move higher in this pair and like going long since the long term trend is up still. If I'm wrong, look for a top near the confluence of Fibo retracement levels in the 2.1126-2.1518 range. But I feel this pair could still move significantly higher.
When trading this pair, keep in mind it can get very wild so protective stops should be wide and therefore proper position sizing is key to proper risk control. In addition, this cross can get really wide spreads up to 15 pips, so be aware of the time you trade it as the Aussie and London sessions tend have the widest spreads for this pair.
PLEASE NOTE: THIS IS JUST AN ANALYSIS BLOG AND IN NO WAY GUARANTEES OR IMPLIES ANY PROFIT OR GAIN. THE DATA HERE IS MERELY AN EXPRESSED OPINION. TRADE AT YOUR OWN RISK.
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