GBP/AUD Potential 450 pip short.Following the short on GBP/JPY which bagged over 200 pips there looks to be indication of a similar move on GBP/AUD possibly returning over double.
This pair has been stuck between the 1.87 and 1.73 area for over a year and a half now last month the resistance was retested however failed to break through resulted in price being stuck in a downwards channel. following an impulsive month upwards on Wednesday price is now at a previous support/resistance zone as well as the top of the downwards channel.
I don't let fundamental data influence a lot of my setups however Mark Carney is due to give a speech tomorrow morning (29th april) which could heavily influence the price of sterling.
If price rises and breaks resistance I will be looking for another retest of the 1.87 resistance level with potentially a break above.
