FX.co ★ Patterns GBPAUD | British Pound (GBP) to Australian Dollar (AUD) Rate in the Forex market

According to the chart of M30, GBPAUD formed the Bearish Symmetrical Triangle pattern. Description: The lower border is 2.0704/2.0818 and upper border is 2.0901/2.0818. The pattern width is measured on the chart at -197 pips. The formation of the Bearish Symmetrical Triangle pattern evidently signals a continuation of the downward trend. In other words, if the scenario comes true and GBPAUD breaches the lower border, the price could continue its move toward 2.0788.

According to the chart of M5, GBPAUD formed the Inverse Head and Shoulder pattern. The Head’s top is set at 2.0807 while the median line of the Neck is found at 2.0761/2.0792. The formation of the Inverse Head and Shoulder pattern evidently signals a reversal of the downward trend. In other words, in case the scenario comes true, the price of GBPAUD will go towards 2.0822

The Double Bottom pattern has been formed on GBPAUD M5. This formation signals a reversal of the trend from downwards to upwards. The signal is that a buy trade should be opened after the upper boundary of the pattern 2.0839 is broken. The further movements will rely on the width of the current pattern 39 points.

The Bearish pennant pattern has formed on the GBPAUD M5 chart. The pattern signals continuation of the downtrend in case the pennant’s low of 2.0798 is broken through. Recommendations: Place the sell stop pending order 10 pips below the pattern’s low. Place the take profit order at the projection distance of the flagpole height.

According to the chart of H1, GBPAUD formed the Bearish Symmetrical Triangle pattern. This pattern signals a further downward trend in case the lower border 2.0679 is breached. Here, a hypothetical profit will equal the width of the available pattern that is -241 pips.

The Triple Top pattern has formed on the chart of the GBPAUD M5. Features of the pattern: borders have an ascending angle; the lower line of the pattern has the coordinates 2.0858/2.0860 with the upper limit 2.0882/2.0880; the projection of the width is 24 points. The formation of the Triple Top figure most likely indicates a change in the trend from upward to downward. This means that in the event of a breakdown of the support level of 2.0858, the price is most likely to continue the downward movement.

On the chart of GBPAUD M5 the Double Top reversal pattern has been formed. Characteristics: the upper boundary 2.0881; the lower boundary 2.0858; the width of the pattern 23 points. The signal: a break of the lower boundary will cause continuation of the downward trend targeting the 2.0843 level.

According to the chart of M15, GBPAUD formed the Bearish Symmetrical Triangle pattern. Description: The lower border is 2.0784/2.0802 and upper border is 2.0822/2.0802. The pattern width is measured on the chart at -38 pips. The formation of the Bearish Symmetrical Triangle pattern evidently signals a continuation of the downward trend. In other words, if the scenario comes true and GBPAUD breaches the lower border, the price could continue its move toward 2.0780.

The Double Bottom pattern has been formed on GBPAUD M30. Characteristics: the support level 2.0784; the resistance level 2.0839; the width of the pattern 55 points. If the resistance level is broken, a change in the trend can be predicted with the first target point lying at the distance of 52 points.

According to the chart of M5, GBPAUD formed the Bearish Symmetrical Triangle pattern. Trading recommendations: A breach of the lower border 2.0810 is likely to encourage a continuation of the downward trend.