Interval: Daily

Good old technical patterns work very well in this period, and we can give you plenty of examples. One of them is the Triple Bottom. It is a reversal formation and when it is confirmed, usually, gives pretty good busy signals and also a target for the trade.

After this short introduction to the price pattern, let’s get back to the GBPAUD chart. The quotation has his 3 times the 1.44 support, without breaking it. Now it got back to 1.4620 resistance level. If the pressure will grow than we might see a break over it and our setup will be activated. The target level is set right under a very important resistance zone which is near the trend line, and it is formed of 1.4840 resistance level and 50% retrace of the last impulse.

Confirmation Level: 1.4621

Target Level: 1.4836

Stop Loss: 1.4573