GBP/AUD: Intraday short trade in play
- Stops reported in cable below 1.6100 and we usually get some heavy EUR/GBP demand at this time of the month;
- GBP/AUD looks a bit ‘toppy’ on the short term charts but it needs to hold below 1.6890;
- AUD demand reported from real-money funds on dips towards .9535/50.
This goes against my recent bias but I like the minimum 3:1 reward:risk ratio so I’ve gone short at 1.6855 with a tight stop above 1.6900 and a minimum target at 1.6700.