GBPAUD, H4 | Potential bounce off major support

We're looking at GBPAUD on the H4 timeframe today - and we can see that it has already bounced quite nicely off a major overlap support.

Now the key thing here is the 23.6% Fibonacci retracement. If price is able to break beyond that level, we could see a further acceleration up towards the 1.8805 level which is the 38% Fibonacci retracement and a bit of an overlap resistance.

In terms of potential stop loss levels, we could consider a level slightly below the 127% Fibonacci extension to give the setup enough breathing space.

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