A probable 'M' like pattern has been spotted. Based on historical movements of this pair, the M like pattern below most often signals market 'Bullishness' upon completion of this pattern.

Good day Traders, this is Kenny Simon giving a market outlook for this week on the GBP/AUD 4Hr chart based on Harmonic Patterns.

As seen on the chart below, a probable ‘M’ like pattern has been spotted. Based on historical movements of this pair, the M like pattern below most often signals market ‘Bullishness’ upon completion of this pattern.

GBPAUD
 

At the moment, the C point is progressing downwards towards the D point. Previously, prices has often aimed at the PRZ (Potential Reversal Zone) marked by the rectangular box seen in the chart. The reversal zone usually signals a probability as seen in the past, where prices would reach the blue zone and make a reversal.

At the time of writing, current price is at the 1.9095 level. The expected price zone marked to be the reversal zone is thought to be at between the 1.8720 to 1.8465 levels in reference to historical significant support and resistance.

Happy Pipping !
Thank you.