Although the long-term analyses convinced me that this pair is showing weakness, I believe there is an imminent retracement to the inception of the big downward move. Whether that retracement will be tradable is an issue for lower time frames. The recent activity are well aligned with the longer-term ideas in that the future is not so bright for GBP against AUD. However, the weekly TL is so close and we are also at the breach of a Fib cluster zone. The bullish motive might also be reinforced by an EW counting where the bear trend's W1 is a diagonal. Thus, I will be seeking for long entries in the lower time frames for this pair.
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The market has reacted to the weekly TL in the anticipated way. Now is the time to go long. A pullback in the hourly chart is going towards the Fib .382 level, where we might catch the optimum entry opportunity.
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Move S/L to B/E.
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Stopped at B/E.
