SprigganFX

Looking for the breakout in GBPAUD

FX:GBPAUD   British Pound / Australian Dollar
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1
My initial thoughts are that this is a bearish pennant , looking for the long-term break to the downside.

However it is possible that there has already been a break to the topside (so maybe it's a descending triangle ). The open of the Sydney session and price action through monday will aid to clarify whether it will be a long or short position.

LONG: With the break of the daily support we need to look for the retest. If price rejects there is the possibility that it could drop a little further (down to the lower support) before the hike back up to the topside.

Short: If price rejects from the line where it sits currently then we want to wait for the break/retest of the lower pennant (triangle) support before the drop .

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