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

The Double Bottom pattern has been formed on GBPAUD M5. Characteristics: the support level 1.9104; the resistance level 1.9112; the width of the pattern 8 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 8 points.

The Double Top pattern has been formed on GBPAUD D1. It signals that the trend has been changed from upwards to downwards. Probably, if the base of the pattern 1.9155 is broken, the downward movement will continue.

According to the chart of M30, GBPAUD formed the Bearish Symmetrical Triangle pattern. This pattern signals a further downward trend in case the lower border 1.9147 is breached. Here, a hypothetical profit will equal the width of the available pattern that is -52 pips.

According to the chart of M5, GBPAUD formed the Inverse Head and Shoulder pattern. The Head’s top is set at 1.9190 while the median line of the Neck is found at 1.9147/1.9177. 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 1.9205

The Double Top pattern has been formed on GBPAUD D1. It signals that the trend has been changed from upwards to downwards. Probably, if the base of the pattern 1.9155 is broken, the downward movement will continue.