Bullish GBPAUD - 16 October 2024

EURUSD Forex

GBPAUD

Bullish Closed

A Price Action Ascending Triangle pattern formation on the 4 Hour time frame chart supports GBPAUD Bullish bias. A break of 1.95520 will support the rise towards the target of 1.97005 the break of 1.97005 would push the price to 1.97995.

SUPPORT AND RESISTANCE LEVELS

Pivot Point 1.9441
Support S1: 1.9431, S2: 1.9425 , S3: 1.9415
Resistance R1: 1.9447 , R2: 1.9457 , R3: 1.9463

Summary

Instrument :

GBPAUD

Direction :

Bullish

Pattern Name :

Ascending Triangle

Probability :

44%

Entry Level :

1.95520

Activation Time :

2024-10-16 01:00

Age :

2 Bars

Progress :

Close Time :

2024-10-16 05:00

Time Frame :

4 Hour

Status :

Closed

CHART ANALYSIS

MORE SIGNALS

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Ascending Triangle

An ascending triangle is a chart pattern used in technical analysis. It is created by price moves that allow for a horizontal line to be drawn along the swing highs, and a rising trend line to be drawn along the swing lows. The two lines form a triangle. Traders often watch for breakouts from triangle patterns. The ascending triangle is a bullish formation that usually forms during an uptrend as a continuation pattern. There are instances when ascending triangles form as reversal patterns at the end of a downtrend, but they are typically continuation patterns.