GBPAUD Tech Update

It’s always a conundrum playing a pair where the market has a similar view of the components – in this case (generally) bearish, perhaps moreso of sterling than aussie. However for the moment , like other pairs, cable is lacking follow through and perhaps the market is ‘up to pussy’s bow’ with short positions.

Editor’s note: ‘up to pussy’s bow’ means ‘full’, ‘had enough to eat’ etc.

The weekly chart couldn’t be clearer – major downtrend but a decent contrarian short-term opportunity for the bold could be to buy with a tight stop and look for a retracement as shown on the daily chart.

A break of 1.4500 certainly has danger signals and no target !

10 Comments

  1. i tend to agree with you here.
    While the trend is still down, buy at current levels with a stop below 1.45 could see a bouble bottom in play.

    Nevertheless, I would be happy to take profit and start to sell again between 1.51 and 1.53, as strong trends are hard to fight until a clear bottom is seen.

  2. Hi Francesco, I am a seller on rallies but suspect it may take some very short position covering to get there and that would need a catalyst which is escaping me. hey, its a positive carry as well !

  3. excuse me guys what chart are ypu talking about?

    1.45???

    i thought cable stand at 1.4870???

    weekely? what is it about?

  4. what charts are you using david? what is with price 14550?

  5. hi Fast, The chart is GBPAUD – the pound against the aussie dollar

  6. @Fast- they are talking about GBP/AUD not GBP/USD.

  7. @Fast…Hi…Guess your Sloooooow….not fast ;) …….. Wake Up

  8. @HockeyPuc ;) Hi Adam, Please….where do You…. see US/CAD ? Thanks

  9. hahah ok sorry guys i thought it was cable sleepy day without macro:)))

    GBPAUD Tech Update it was written

  10. @David, Hi…..Do you mean…eat the pussy ? :) sounds good to me ;)

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