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GBPAUD Breakout Opportunities
Price action in GBPAUD is starting to look interesting here to the long side. Following the failed breakdown below 1.7218, with price instead reversing higher from a strong double-bottom formation, the pair is now holding in a tight block of consolidation, capped by the 1.7811 level. The retail long position has shrunk significantly over the recent grind higher, suggesting room for a breakout higher as retail players flip net-short. With this in mind, look for a closing breach of the 1.7811 level targeting a move up to the 1.8143 level initially. With UK inflation seen hitting 40-year highs last month (9%), hawkish ... (full story)
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