GBPAUD breaks with continuation pattern

16 September 2021 | Updated: 16 September 2021

Key Support: 1.8900
Key Resistance: 1.9000

The GBPAUD has been rallying hard since the lows in September 21st to today highs. This has been a 2.08% move (385 pips) without a deep pullback and in a very structured manner.

It has respected all levels on a break-retest basis and creating perfect continuation structures along the way.

For the past couple of days price has been testing the next level of resistance and a very big psychological number, the 1.8900 level. This is also a significant pivotal level that saw big players jump in on both sides all throughout August.

After creating yet another continuation pattern, I’m jumping in long on this breakout for a test of the next key level.

The last continuation pattern that price broke saw a 111 pip move which is also the same distance from the breakout to my targets.

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