GBPAUD Update, Trades within the Downward Price Channel

February 10, 2016


UK data isn’t likely to change the new dovish bias of the BoE. The GBP has moved up in recent days as concerns over a Brexit have been reduced for now. However, the GBP should get a boost of volatility as we get closer to the U.K. and the E.U. summit next week.

The main risk for the AUD is a weakening China and the fact that future intervention from the RBA to devalue the AUD is still in the cards.

Technically, the GBPAUD trades systematically within the multi month downward sloping price channel; current price also trades below its long term moving average with no clear signs of a price reversal. My conclusion for GBPAUD traders is to trade within the downward direction of the channel. Entering short positions near the top of the channel line for a medium term target around the June 2015 lows ( 1.9660’s); provided price can break below the January lows (1.9980). However, traders should remain on alert to abort short positions upon any potential upward channel line price penetration.


Publication source
HotForex information  HotForex reviews

October 24, 2016
Dollar at a 3-week winning streak
The US dollar completed three weeks of back to back gains with the US dollar index seen trading above the 98.55 handle. Without any pullback so far, further upside could come at a significant risk...
October 24, 2016
Golden week for dollar but USD/JPY bucks trend
It has been a very good week for the US dollar and a really bad one for the euro and Canadian dollar, among others. The rally has lifted the Dollar Index to its highest level since early February and possibly on course to 100...
October 21, 2016
EUR/USD remained unchanged after the ECB
The price maintained its bearish tone on Thursday. The EUR/USD pair stayed around its recent lows during the day. The euro slightly strengthened towards 1.1000 ahead of the US opening. The 50-EMA limited the euro recovery in the 1 hour chart...

Orbex Rating
OANDA Rating
Larson&Holz IT Ltd Rating
FBS Rating
Grand Capital Rating
FXCM Rating

EZTrader Rating
OptionFair Rating
OptionRally Rating
OptionsXO Rating
IQ Option Rating
TropicalTrade Rating