If we do see the GBPAUD start to rotate lower from the 1.91500 resistance area, we could have a head and shoulders reversal on our hands.
Notice the left shoulder that developed last October.
The head of the pending formation was that multi-year high in December.
But to call this a head and shoulders pattern, sellers need to secure a daily close below what would be the neckline near 1.8700 or thereabouts.
Given the 9000 pip height of the pattern, a close below that 1.87000 area could open the door to the 1.78000 region.
Everyone who saw today’s members-only video knows why that 1.78000 area is significant for the pair.
Just keep in mind that there are no guarantees.
The GBPAUD uptrend is technically still intact, and without a daily close below the neckline, there is no head and shoulders reversal.
WATCH IT AND IF IT UNFOLDS DON'T HESITATE.
Notice the left shoulder that developed last October.
The head of the pending formation was that multi-year high in December.
But to call this a head and shoulders pattern, sellers need to secure a daily close below what would be the neckline near 1.8700 or thereabouts.
Given the 9000 pip height of the pattern, a close below that 1.87000 area could open the door to the 1.78000 region.
Everyone who saw today’s members-only video knows why that 1.78000 area is significant for the pair.
Just keep in mind that there are no guarantees.
The GBPAUD uptrend is technically still intact, and without a daily close below the neckline, there is no head and shoulders reversal.
WATCH IT AND IF IT UNFOLDS DON'T HESITATE.