GBPAUD 4H chart potential Bull Flag
On this 4H chart for GBPAUD we can notice a strong resistance range. Recently the price broke temporary above it but now it dropped to retest it. In the proces of retesting it, the price started forming a potential Bull flag. Am effective breakout from the pattern can align with a re-bounce from the support range and lead to a strong increase in the price
Additional confluences:
- 20, 50 and 200 EMAs are aligned to indicated a general up trend
- The price has dropped to test the 20 EMA which aligns well with the support range and the chart pattern
Additional note: If the price provides an entry for the pattern, initially this can still happen within the support range. If you want to get even more curtainty, you may want to wait for the price to close above the range
Additional confluences:
- 20, 50 and 200 EMAs are aligned to indicated a general up trend
- The price has dropped to test the 20 EMA which aligns well with the support range and the chart pattern
Additional note: If the price provides an entry for the pattern, initially this can still happen within the support range. If you want to get even more curtainty, you may want to wait for the price to close above the range
Order cancelled:
The pattern was invalidated the moment in which the price dropped below the lower line of the Bull Flag