Chart: Monthly Time Frame
Market: Bullish Trend
GBP/AUD is stuck in a descending channel (evident on the daily chart) but is likely to break it & resume its overall
bullish trend in the coming weeks. With a inverted deliberation pattern found on the monthly chart & prices rejecting key support
levels we're likely to see GBPAUD close this month with a bullish engulfing pattern and reach previous structure high of 2.21800.
Note: Keep an eye out for a pullback at trendline resistance level found on the daily chart before going long.
Market: Bullish Trend
GBP/AUD is stuck in a descending channel (evident on the daily chart) but is likely to break it & resume its overall
bullish trend in the coming weeks. With a inverted deliberation pattern found on the monthly chart & prices rejecting key support
levels we're likely to see GBPAUD close this month with a bullish engulfing pattern and reach previous structure high of 2.21800.
Note: Keep an eye out for a pullback at trendline resistance level found on the daily chart before going long.