GBPAUD Pulling Back Towards Support
- Big picture channel on daily timeframe providing key support
- Channel support on hourly chart offering a potentially low-risk long entry
- Targeting 19000 on a break above 18800
On Tuesday, January 20th I brought to trader’s attention the channel support in GBPAUD forming on the daily chart. The target of 18750 was marginally exceeded and the current pullback is now offering traders another opportunity for long entries. Upon dialing in on the hourly timeframe we can see a channel taking shape off of yesterday’s low. I will be looking for entries on the bottom side trend-line (~18575) with protective stops placed below (18500), and eyes on a possible move up towards 19000 in coming days.
GBPAUD 1-hr: January
--- Written by Paul Robinson, DailyFX Research
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.