Attached is a daily chart of GBP/AUD
LONG or SHORT: LONG
ENTRY: 1.5320 breakout of recent high
STOP: 1.5215 for 85 pips right below our recent support on 4h chart
TP: TP at 1.5500 for 180pips
R:R - 2:1
Trade rationale: 1.518-1.525 support has just been tested multiple times. When you see this kind of tail along with the support, it signals a reversal. Overall, GBP pairs has mixed feelings these past few days, but so far it’s been mainly bullish. Also rsi + stoch shows bullish divergence which supports our entry to buy
Also once past 1.55 area, this pair will enter a strong resistance zone but it’s possible to hang on the trade while taking half profit at our target area and see if gbp is strong enough to break out
remember to move the stop loss once trade goes in your favor to protect your profits, how conservative/aggressive your stop loss moving depends on your strategy