GBPAUD.. bullish pennant breakout imminent
Hi guys
GBP AUD has formed a nice bullish pennant on the 4 hr.. the pennant retraces between 38.2 and 50 % of the pole and lower highs and higher lows are clear inside the pennant.
Price is supported by the anchored vwap from the previous low meaning buyers are in control and as it has come out of the pennant it is trading above the 5 day ma ,,, clear sign of bullish price action.
Of course if price does come back into the pennant and below the lower trendline then the pennant is invalidated.
A copy and paste of the pole onto the breakout area gives a nice take profit target which is just below the 23 september high resistance.
GBP AUD has formed a nice bullish pennant on the 4 hr.. the pennant retraces between 38.2 and 50 % of the pole and lower highs and higher lows are clear inside the pennant.
Price is supported by the anchored vwap from the previous low meaning buyers are in control and as it has come out of the pennant it is trading above the 5 day ma ,,, clear sign of bullish price action.
Of course if price does come back into the pennant and below the lower trendline then the pennant is invalidated.
A copy and paste of the pole onto the breakout area gives a nice take profit target which is just below the 23 september high resistance.