Descending Triangle Pattern – A Good Trade Setup on GBPAUD

Our trading signal on Gold gave us a good start today as it's closed at take profit level. For now, the forex crosses are offering some good opportunities. Let's check this out.

Technical Overview – GBPAUD

Taking a look at 4- Hour Chart, the GBPAUD is consolidating in the descending triangle pattern which supports the pair at $1.6785. On the same level, the pair has just formed a triple bottom level.

GBPAUD – 2 Hours Chart – Descending Triangle Pattern

Interestingly, the leading indicators are holding in the oversold zone. That's signaling that a bullish retracement is imminent. On the flip side, the downward trend line is providing a resistance at $1.6915

Support     Resistance

1.6766         1.6889

1.6719         1.6965    

1.6643         1.7012

Key Trading Level:    1.6842     

GBPAUD – Trading Plan

The idea is to stay in buying above $167.75 with a stop below $167.550 in order to target $168.750. We can also place a Sell Stop. It will be rational to use small trading volume for this position. Good luck!

ABOUT THE AUTHOR See More

Arslan Butt

Lead Markets Analyst – Multi-Asset (FX, Commodities, Crypto)

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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