Long or Short? What could come of GBPAUD

On the Weekly chart here we see an ascending channel where price movement has not quite yet touched the support line.

On the 1HR chart, we see another ascending channel which seems to have been broken through to push price lower. This is where I originally had though of placing my buy order in hopes of catching the movement back up to the 1.97400's. But now that I am reviewing the set up again I am thinking to myself, what if price breaks through and goes south? Of course we can look at the smaller time frames to get an idea of when it will break it if it does and if its legit or a false breakout.

I'm interested in what you guys think about where this pair might go!

Also one more thing, I think it's important to take into account the enormous pinball candlestick that took place at the beginning of the year. Do you guys think this could indicate the fall is sooner than later? Maybe I won't be able to ride bull wave after all.

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Also, I'd probably wait for the breakout to enter short in the market, I don't like my SL's being larger than 80 Pips nevermind 440 lol