GBPAUD

10. Feb. 2019

Currently on the monthly chart the GBPAUD has been in a market range between 1.72840 and 1.82823. when price hit the 1.72840 area it would buy aggressively and vice versa when price hits the 1.82823 area it would sell aggressively. If price respects this location furthermore for the 6th time we can see it begin to sell until hit touches the 1.72840 location. Within the last few weeks we witnessed as GBP fell from the market range into a area of demand and back to the market range 3 times. so we now have a triple touch on the market range. If you pay close attention you will see how price also closed below this range on Friday to finish the week within the range. On the daily we see a clear uptrend but under closer inspection it seems as though two things are also occurring at this time, A "M" formation on the daily and a downward channel forming as well. this week will be important as we see if price will respect this downwards channel. Easy 250-300 pips potential gain upon a sell of the GBPAUD.

https://www.tradingview.com/chart/qmma3SWw/