GBPAUD.Selling at the 0.786 Fib of the previous downside movement seems like a good idea, as with a potential target in the 1.605 area the R/R and a stop loss above previous high, the ratio is just outstanding.
If you prefer to have a confirmation, wait for an impulsive break of the previous upward channel, then a flag, then enter on the break of the flag.
Trade with care and only with a tested strategy.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.