GBP/AUD BUY STOP at 1.9332 (now 1.9297)
GBP/AUD is potentially carving out a W-Bottom candle pattern from an area of support and this pattern will be confirmed if 1.9332 is reached.
The pattern will be a VW formation if price continues north.
We have news out of the U.S. at 13:30 GMT this being the PPI numbers and at 15:00 we have Prelim UoM Consumer Index.
The later release doesn't generally move the market much but the PPI may well do and we've seen some big moves in the USD this week post news.
Its also Friday it has to be remembered and trading volumes will be beginning to decline as traders leave their desks for the weekend.
If this trade does trigger which currently looks unlikely as GBP/AUD is weakening then its unlikely to be heading anywhere any time soon.
The pattern will be a VW formation if price continues north.
We have news out of the U.S. at 13:30 GMT this being the PPI numbers and at 15:00 we have Prelim UoM Consumer Index.
The later release doesn't generally move the market much but the PPI may well do and we've seen some big moves in the USD this week post news.
Its also Friday it has to be remembered and trading volumes will be beginning to decline as traders leave their desks for the weekend.
If this trade does trigger which currently looks unlikely as GBP/AUD is weakening then its unlikely to be heading anywhere any time soon.