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GBP/AUD M Pattern Suggesting Breakout

By:
Nenad Kerkez
Published: Jun 11, 2021, 08:24 UTC

GBP/AUD has formed an M pattern and currently it’s at support. We could see a move down if the price breaks the ATR low.

GBP/AUD

In this article:

The ATR low is 1.8196. At this point the pair is bearish. Further move below the support suggest further weakness in the pair. The target is W L5 1.8040-60. We should see a bounce off that level if the price gets there. Shorts on rallies might come around 1.8323 on a pullback.

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Cheers and safe trading,

Nenad

 

About the Author

Nenad Kerkezcontributor

M.Ec. Nenad Kerkez aka Tarantula is Elite CurrenSeas Head trader and a valued contributor to many premium Forex and trading websites.

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