FX.co ★ Actual patterns. Technical analysis and trading recommendations

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.