GBPAUD is retesting the broken long-term Pitchfork falling channel
On the monthly GBPAUD chart, we can see that the pair has broken above the falling long-term downtrend Andrew’s Pitchfork channel and is now retesting the broken channel line. We saw a perfect bounce off 1.7640 for the upside breakout reversal continuation. If this bounce will be sustainable after this month pullback we could see an extension higher to 2.050 long-term triangle resistance line and eventual continuation even higher to 2.200 which is also 200% channel extension.
On a daily chart, we can see that the pair has also formed a short-term uptrend Pitchfork channel with first visible resistance at channel half line 1.8725. We could see one more touch in the sideways price action of the uptrend support channel line around 1.8000 to place a good RR long trade entry and to target 1.87000. If you want to go long here or you are already long Andrews Pitchfork is a good tool, its channel support to place a stop loss below this level 1.8000.
We have used the combination of the top-down trading analysis to get these key levels explained in the charts. To learn more about Andrews’s Pitchfork tool trading strategy register for education.
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