AUDGBP LONG @ ~0.50600 (Continuation)
After gaining 100 pips in the last two days, I expect there'll be some form of pullback.
There are two supply zones that are now acting as intermediate demand as price rallied away from these areas.
The move away from ~0.50800 isn't particularly strong as it runs into a supply zone about 10 pips above.
The ~0.50600 zone is more reliable (in my opinion) based on the rally away. Price has no returned to that zone yet.
It coincides with the 0.50 of the Fibonacci tool and so any rally from this area could be held until the 1.618 area (~0.51500) although I'd be looking at ~0.51400).
EP: ~0.50600
SL: ~0.50450
TP 1: ~0.50900
TP 2: ~0.51400
R/R 1: ~3:1
R/R 2: ~8:1
There are two supply zones that are now acting as intermediate demand as price rallied away from these areas.
The move away from ~0.50800 isn't particularly strong as it runs into a supply zone about 10 pips above.
The ~0.50600 zone is more reliable (in my opinion) based on the rally away. Price has no returned to that zone yet.
It coincides with the 0.50 of the Fibonacci tool and so any rally from this area could be held until the 1.618 area (~0.51500) although I'd be looking at ~0.51400).
EP: ~0.50600
SL: ~0.50450
TP 1: ~0.50900
TP 2: ~0.51400
R/R 1: ~3:1
R/R 2: ~8:1