I just noticed a nice bullish setup on the GBP/AUD Forex pair while browsing the daily charts. The 2.15 area is a huge pivot zone, as it has been used many times by the market in the past two months. The daily chart is showing a nice 'Pin' candlestick, which is sitting right on this pivot area. There formations, when positioned at a good technical levels, usually yield pretty consistent results.
The 4-hour chart is also showing a nice pivot area at 2.17, which might be a good profit target for a potential long trade on the GBP/AUD. Based on my experience at trading the daily/4-hour chart, I would say there is a distinct possibility that price might make it to 2.17 over the next 24-48 hours.
