AUD/GBP Gearing up for bullish rally!
Since the 3/12/18 the pair has been in a descending channel from a level of key resistance.
It can be seen that trending within the channel it has touched both the support and resistance (for confirmation) of it being a valid channel.
As of 29/3/19 price has closed above the previous resistance area, and has shown a slight sign of retracement back to the resistance (to then become support)
Be looking for a bullish run, I am anticipating the price to open and retrace to a 0.5420 level forming support from previous resistance, and run to at least 0.5781 level which was a key area of resistance shown on the daily with further confluence on the weekly time frame.
Tight stop, as we want to be out of the position if it gets dragged back in to the channel.
It can be seen that trending within the channel it has touched both the support and resistance (for confirmation) of it being a valid channel.
As of 29/3/19 price has closed above the previous resistance area, and has shown a slight sign of retracement back to the resistance (to then become support)
Be looking for a bullish run, I am anticipating the price to open and retrace to a 0.5420 level forming support from previous resistance, and run to at least 0.5781 level which was a key area of resistance shown on the daily with further confluence on the weekly time frame.
Tight stop, as we want to be out of the position if it gets dragged back in to the channel.