BabyPips.com FX-Men Team
BabyPips.com
GBP/AUD: 4-hour
Last one up for today is another countertrend, this time on GBP/AUD’s 4-hour time frame. The pair is headed for the 2.1300 area, a pretty strong resistance level back in late October and early November. Not only that, but Stochastic is currently sporting an overbought signal. A short around the resistance area with stops just above the falling channel could be a good trade if you think the pound isn’t done weakening against the Aussie just yet. On the other hand, you could also wait for an upside breakout if you’re one of them pound bulls or Aussie bears who think the downtrend is at its end. Just make sure you manage your risk well!
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