EUR/GBP is in a down trend, respecting the green descending channel.
It is slowly approaching the important weekly support area that is marked with the blue rectangle.
GBP/AUD is currently on a key support area (Green rectangle) which the price has been retesting on a hourly time frame.
1) I expect the price to fail to break this key support area indicating a reversal, breaking the descending channel that is has been following. Then i would expect to enter a long position after the price retested the upper green trend line with the take profit at the next key resistance. This is shown by the grey path.
2) If the price manages to break the current support approaching the weekly support area (Blue Rectangle). I expect the price to fail to break below the weekly resistance, starting a reversal, breaking the descending channel and forming a new uptrend market structure. I would enter a long position once the price retested back to the Green descending channel, successfully indicating a trend line breakout. This is shown by the Orange Path.
It is slowly approaching the important weekly support area that is marked with the blue rectangle.
GBP/AUD is currently on a key support area (Green rectangle) which the price has been retesting on a hourly time frame.
1) I expect the price to fail to break this key support area indicating a reversal, breaking the descending channel that is has been following. Then i would expect to enter a long position after the price retested the upper green trend line with the take profit at the next key resistance. This is shown by the grey path.
2) If the price manages to break the current support approaching the weekly support area (Blue Rectangle). I expect the price to fail to break below the weekly resistance, starting a reversal, breaking the descending channel and forming a new uptrend market structure. I would enter a long position once the price retested back to the Green descending channel, successfully indicating a trend line breakout. This is shown by the Orange Path.