GBP pairs looking good! GBPAUD Trigger!
So the charts I am going to cover are GBPAUD, GBPNZD and GBPCAD.
All three share the same thing: an extended trend which is appears to have been exhausted, and now a reversal taking place.
If you look on the daily charts, the GBP has sold off and we have multiple lower highs on the downtrend down to a major support zone. On the GBPAUD we can see on the daily chart many doji and wicks here, and today we got an engulfing pattern. I like to look for pattern. Over on the 4 hour, we have a nice bottoming pattern. You can call it a dirty head and shoulders pattern, or a double bottom but what matters is it is showing a shift or reversal in trends. From lower highs to higher lows. GBPAUD actually had a trigger with the close above the resistance/neckline at the 1.83 zone.
GBPNZD here similar pattern. At the resistance/neckline right now but I would want to see a pullback to form the right shoulder before the breakout so we get our head and shoulders and a bottoming pattern with a higher low to work with.
GBPCAD showing a more extended range/bottoming pattern with the right shoulder and higher low being visible. Want to see a break and close above the neckline at 1.7120 before entering.
All three share the same thing: an extended trend which is appears to have been exhausted, and now a reversal taking place.
If you look on the daily charts, the GBP has sold off and we have multiple lower highs on the downtrend down to a major support zone. On the GBPAUD we can see on the daily chart many doji and wicks here, and today we got an engulfing pattern. I like to look for pattern. Over on the 4 hour, we have a nice bottoming pattern. You can call it a dirty head and shoulders pattern, or a double bottom but what matters is it is showing a shift or reversal in trends. From lower highs to higher lows. GBPAUD actually had a trigger with the close above the resistance/neckline at the 1.83 zone.
GBPNZD here similar pattern. At the resistance/neckline right now but I would want to see a pullback to form the right shoulder before the breakout so we get our head and shoulders and a bottoming pattern with a higher low to work with.
GBPCAD showing a more extended range/bottoming pattern with the right shoulder and higher low being visible. Want to see a break and close above the neckline at 1.7120 before entering.