Potential trade setup: GBP/AUD analysis

On a technical perspective, price is clearly indicating that GBP could potentially reverse versus the Australian currency, price is respecting the weekly region of 1.7700 with previous daily closing above it, today's daily close could add further confirmation if the candle closes as a spinning top/Doji. technicals are pointing out to price possibly extending to the 4HR resistance region as a lower high if the price breaks the counter trendline we could expect for price to revisit the psychological area of 1.81000. Fundamentals ahead could be the catalyst needed for the price to move in our favoured direction, with Australian job reports expected to fall, and an improved consensus on retail sales for GBP could strengthen the sterling. As part of risk management, SL will be moved to breakeven just in case we do conceive adverse economic data.

Great risk-reward trade.

Trade active:

SL moved to breakeven