On this weekly chart, we are drawing Pitchfork channels on GBPAUD.
On the daily GBPAUD chart, we can see that the pair has bounced from the lower Pitchfork uptrend channel line 1.7300 level and is extending higher into the 1.8200 level.
We have used the combination of the top-down trading analysis and the Andrews Pitchfork channels to get to a trading entry stop loss levels and targets. On an H8 chart, we can see that the par has formed a new uptrend Pitchfork channel and the bounce from a key 1.7300 level could extend higher into the 1.8200 level.
Look here for the long trade entries with the stop loss below the 1.7720 level targeting 1.8100 level at least.
Happy trading! (click on the chart to enlarge it)
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