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GBPAUD Technical Overview H1 Chart July 29th

GBPAUD Technical Overview H1 Chart July 29th

Bearish Bat Pattern worked as predicted and the price reached the target. GBPAUD is trying to break the Fib 23.6 retracement of CD leg.

GBPAUD Bat Pattern

On the smaller charts, the symmetrical triangle has been broken. The target of the pattern is 1.78700, Fib 38.2% of CD.

EMA50 H4 and SMA 20 H4 are ready to support the price at 1.78700-1.78600 interval.

The mentioned area can be used as a buying opportunity. ( We will look for a bullish candle pattern to enter long and send notification )

If price succeeds to break 1.80000 resistance, it is likely to test 1.81000 where it will completely fill Alt Bat pattern. We will use this pattern as a selling opportunity.

If the price fails to stay above EMA50/SMA100 support and breaks below 1.78600, we will short the pair targeting 1.76290 and 1.74000 medium term.

We will send entry notification to members.

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DISCLAIMER: This is a technical analysis study, not advice or recommendation to invest money

GBPAUD: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility

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