Good day traders! GBP/AUD may have put in a low after price stopped short of my invalidation zone and broke above my upper red trendline (see my 5th of November update).
The move higher, from the 7th of November low, looks impulsive and more aggressive traders could have taken a long position when price broke above the upper red trendline. Those traders with a more conservative approach may consider waiting for a pullback towards one of the Fib retracement levels, thereby anticipating a higher low before entering.
Should the recent upwards momentum continue, then price could target the October high at 1.9093. A decent break above that high could see price make its way towards my upper green channel line around 1.9537.
Until next time, happy and safe trading!