GBP/AUD, Long idea

19 May 2020

I am seeing price has come down to a major support zone, price hasn't managed to break below that level since October last year.. this indicates for me that this is a strong value zone and price can easily reject this level and bounce to the upside.
On the H4 timeframe we can see price has rejected that zone more than 4 times and those have been strong wick rejections so there is chance of price pushing up and away from that support level, I have marked up an idea on what I think price will do and where I am looking to get in on this trade If it goes in my desired direction.

Thanks, trade safe