GBPAUD has broken the key support level of a double top pattern. The price is now caught between two important zones: the neckline of the double top, which is now acting as resistance, and the former resistance zone at 2.0725–2.0775, which has turned into support.
If this support fails, GBPAUD may continue toward the double top’s projected target near 2.04. However, if the neckline is reclaimed, the bearish setup would be invalidated.
If this support fails, GBPAUD may continue toward the double top’s projected target near 2.04. However, if the neckline is reclaimed, the bearish setup would be invalidated.
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The horizontal move continues between the key support and resistance zones.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.