GBP/AUD struggles for upside

GBP/AUD struggles for upside

Trade idea

BUY 1.8250; TP 1.8370; SL 1.8210

GBP/AUD is a very volatile pair and its moves are always quite messy. Still, we are able to spot some patterns. In particular, GBP/AUD broke above 1.8015 leaving the range within which it consolidated since the start of July. There was a series of higher lows before the breakout. In addition, after the breakout, the level 1.8015 was retested and managed to provide support for the pair. With the AUD weakened by the trade war concerns and the weaker-than-expected domestic data and the GBP cheered up by the hopes that a no-deal Brexit may be avoided, the pair has a fair chance to reach 61.8% Fibo and June highs in the 1.8375 area.   

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