GBP/AUD potential long opportunity as the price approaches a major support

By:
on Feb 27, 2024
Listen
  • The price of GBP/AUD is likely to reach the 1.95280 daily resistance level in the coming days
  • The trading signal provided should last 1 week with a potential upside of 1.2%
  • The price is likely to remain stable as there are fewer fundamental events this week

Follow Invezz on Telegram, Twitter, and Google News for instant updates >

GBP/AUD trading strategy

Copy link to section
  • Buy/sell asset: Buy GBP/AUD
  • Entry price: 1.92932
  • Stop loss: 1.92350
  • Leverage: 1x
  • Take profit 1: 1.93700
  • Take profit 2: 1.94500
  • Take profit 3: 1.95280
  • Timeframe: 1-2 weeks
  • Maximum profit: 1.22%
  • Maximum loss: 0.30%

GBP/AUD chart and technical analysis

Copy link to section

The price of GBP/AUD was retracing from the 1.95280 resistance level. The price has been in a bullish trend for the last couple of months and it is likely to continue the rally after retesting the 1.92932 support level.

Are you looking for signals & alerts from pro-traders? Sign-up to Invezz Signals™ for FREE. Takes 2 mins.

The price was able to break the 1.92932 key resistance zone on Monday and the same level will now act as a major support on retracement. The 1.92932 level also lies between the 0.786 and 0.618 Fibonacci levels.

I am considering the 1.92932 support level(previously resistance) for long entry and my target for this trade would be the 1.95280 supply level.

GBP/AUD fundamental analysis

Copy link to section

Fundamentally, the price of GBP/AUD is likely to remain stable and follow the price action as there are fewer fundamental events that can have a significant impact on the price of GBP/AUD.

However, the high-impact news on the USD can influence the price of GBP/AUD as the Australian dollar usually moves against the US dollar. So, if the USD is going up the Australian dollar drops and the price of GBP/AUD goes up and vice versa.

British pound to Australian dollar trade idea takeaways

Copy link to section
  • GBP/AUD recently broke a major resistance zone of 1.92932.
  • The price of GBP/AUD is likely to reach the 1.95280 daily resistance level in the coming days.
  • Multiple take-profit levels have been added to secure profit along the way.
  • The risk-to-reward ratio on this trade is 1:4.
  • The entry and stoploss prices have been placed at secure levels with the least probability of getting hit.
  • Good luck!
Ad

Want easy-to-follow crypto, forex & stock trading signals? Make trading simple by copying our team of pro-traders. Consistent results. Sign-up today at Invezz Signals.

Learn more
AUD GBP Technical Analysis Forex Trading Ideas