GBPAUD: Buy stop wasn’t activated!

Yesterday, we have said “ longs of GBPAUD need confirmation” as the pair has re-experienced the psychological level of 2.0000.

Our recommendation was, placing a buy stop order at 2.0050 to avoid double topping and the pair couldn’t touch our suggested entry point.

gbpaud-update-02-06-2015

Anyway, trading above 1.9650 keeps the opportunity of re-attacking 2.0000 valid, as this level represents the B point of the harmonic formation.

Coming below 1.9650 will damage the pattern and may argue us to reconsider the bullish scenario over short-term basis.

One more time, we warn of the quick movements of the pair; so that, any positions for the GBPAUD pair should be protected by convenient stop loss.

Finally, we will remain on the sidelines until the pair takes out 1.9650 or 2.0000.

Amir El Araby

Co-Founder & Chief Global Strategist at FxComment.com, with 17 years’ experience in the technical analysis studies for FOREX, Commodities and Indices. Amir El-Araby worked as a mentor for many companies and institutes, where he presented new methods for trading in the financial market. Amir is a member of ESTA (Egyptian Society of Technical Analysts). Amir is also the official partner of Harmonic Trader (Mr Scott Carney) and the official instructor of harmonic trader association for Arab countries.

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