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.
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.