GBP/AUD Daily
The rate is currently trading beneath some important resistance levels- the 6-month falling trendline starting after the rate made a breakaway gap from the Brexit low, the former channel support as the new resistance and the monthly high at 1.7170.
I am bit more bearish here and will consider entering a short on a break below 1.7000 to target the current range lows at 1.6820 and the 100% box range breakout target at 1.6520. However, I will be open to taking a small long position in case of an upside break above 1.7170, in which case we should be looking for a move higher to test the major falling trendline resistance in the 1.7335-1.7450 area (the box range breakout targets for an upside break)
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