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Who’s up for range and breakout trades?

I hope you are because GBP/USD and EUR/AUD‘s charts won’t wait for anyone!

Check out these setups and see if you can grab some pips today:

GBP/USD: 1-hour

GBP/USD 1-hour Forex Chart
GBP/USD 1-hour Forex Chart

Did you know that Cable has been trading inside a 100-pip range since the second half of May?

GBP/USD is now heading for the 1.4150 mid-range levels just as Stochastic reached the oversold area.

Will the pound see a mid-range bounce today? Bulls can start buying GBP/USD as soon as the 1.4150 minor psychological handle holds as support.

A break below the mid-range AND the SMA support levels, on the other hand, can attract bears into dragging GBP/USD to the 1.4100 range support.

Watch this one closely, errbody!

EUR/AUD: 1-hour

EUR/AUD 1-hour Forex Chart
EUR/AUD 1-hour Forex Chart

EUR/AUD broke below the ascending channel that we talked about a few days back but it looks like the bulls kept it together at the 1.5670 support.

The pair is now forming what looks like a Reverse Head and Shoulders pattern on the 1-hour time frame. Thing is, the pattern’s “neckline” also lines up with a 38.2% Fib retracement of the latest downswing.

So, are we looking at a reverse head and shoulders breakout in the making? Or just a Fib retracement of a downtrend?

Stochastic giving us an “overbought” signal should fire up the bears who can target June’s lows near 1.5670.

A break above the “neckline,” however, can also bump up the euro enough to retest the broken channel support near the SMAs. Heck, a strong momentum could even take EUR/AUD back to its previous uptrend!