GBPAUD, 4hr tf, HnS pattern after break below trendlineI
Hello my friends,
GBPAUD just break below the trendline which supported it for the last 3 months since January 2021.
Price right now retesting it as resistance and there is also descending trendline which will now become the resistance for this pair.
It looks like price making a Head and shoulders pattern and the measured objective of this pattern is around 440 pips counting from the top of the head to the neckline.
Price already broken below the trendline and i think this upwards movement is only a retracement to test the resistance.
We might see price continue going south in the coming days.
Sell GBPAUD 1.7940
Stop loss 1.8020 (80 pips)
Take profit 1 at 1.7600 (340 pips)
Take profit 2 at 1.7440 (500 pips)
RR Ratio 1 : 6.25
Use only 1-2% risk
Good luck
GBPAUD just break below the trendline which supported it for the last 3 months since January 2021.
Price right now retesting it as resistance and there is also descending trendline which will now become the resistance for this pair.
It looks like price making a Head and shoulders pattern and the measured objective of this pattern is around 440 pips counting from the top of the head to the neckline.
Price already broken below the trendline and i think this upwards movement is only a retracement to test the resistance.
We might see price continue going south in the coming days.
Sell GBPAUD 1.7940
Stop loss 1.8020 (80 pips)
Take profit 1 at 1.7600 (340 pips)
Take profit 2 at 1.7440 (500 pips)
RR Ratio 1 : 6.25
Use only 1-2% risk
Good luck