A tale only a few will understand ,could GBPAUD be setting up for something interesting ???
This Update confirms a lot ,however recent interest rate decision just made things harder for the fall to continue .With that being said I still favor the Bears on this one ...keeping it short and sweet
The weekly chart definitely shows a confirmed uptrend from 10/3/16 to 3/26/18. The trend has 4 higher lows and 3 higher highs – with the last higher high being on 3/26 – this is head formation you labeled. With the lower high on 6/21/18, it is setting up to reverse the trend. We will need one more lower low to confirm the reversal to a downtrend – the low on 8/9 might work out, but I would give it a few more days to be sure. What do you think?
@DocWonmug, the head and shoulder pattern is now confirmed with the market now retesting the neckline ,i think its rather obvious whats the next move however in terms of long term target i will be targeting the support of the channel ,i will be updating this pair and give my opinion and approach