On March 12 , we published our harmonic technical outlook for the GBP/AUD and we suggested sharp declines based on the three drives pattern and we defined 1.9845 to be the stop loss for shorts taken at 1.9545.
-After moving according to the scenario, we updated this outlook on March13 and we moved the stop loss from 1.9845 to 1.9700 following the fall below 38.2% Fibonacci of the third drive of the accurate harmonic pattern.
-Today, we can see how the GBP/AUD pair is stabilizing below 1.9377 with consecutive daily closings; thereby, we will move the stop loss again to the entry point to insure this position completely.
-Finally, traders can close 50% of the quantity used to short the pair at 1.9200 with 345 pips profit and keep the remaining quantity with targets 61.8% Fibonacci as we discussed before.