GBP Pairs Update! GBPAUD, GBPNZD, GBPCAD Long Triggered!

FX:GBPAUD   British Pound / Australian Dollar
A few weeks back, I spoke about the GBP pairs being on watch for a reversal. They have been on an extended downtrend, and we are now awaiting for an imminent reversal. This is just market structure and the way all markets move.

Let us start with GBPAUD . We hit a major support zone at 1.78, and there was an opportunity for us with the fake out trade. A nice wick candle with the trigger being the FOLLOWING candle close higher. What I am waiting for is a pattern. A head and shoulders seems likely. I want to see that higher low with a break above the 1.8160 zone. Looking good!

GBPNZD with the breakout today. We have now ended the downtrend with a double bottom pattern breaking above the previous flip zone at 1.9260. Now I do want to see a higher low here. My thinking is this eventually pulls back before seeing buyers step in to create a higher low. This is what I am waiting for, and what you should as well if you have not entered. Yes, price can move higher before making this higher low, but that is just part of the game and being patient.

Not much I have to say about GBPCAD . The chart speaks for itself. A nice head and shoulders reversal pattern after a downtrend bouncing at a major support/flip zone. Today's candle close was key. We did have a daily close above the neckline yesterday, but I thought that body close was weak. We want STRONG breaks. Same criteria applies like GBPNZD . We enter and put our stops below the breakout candle. A good risk vs reward here.


Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out