The GBP/AUD pair is currently testing a strong horizontal resistance zone near 2.1000, which has been rejected multiple times in the past. The chart clearly highlights a triple-top formation (marked by red arrows), signaling repeated failures to break above this supply area. Meanwhile, the price action has been respecting an upward trendline support, forming a broad ascending channel or rising wedge-like structure.
This setup is now at a critical juncture — with the potential for either a strong bullish breakout or a bearish reversal.
📉 Bearish Rejection Scenario
If the resistance holds once again, we may see a pullback toward the rising support line around 2.0700. This would maintain the overall sideways-to-bullish bias within the structure. A firm rejection pattern (e.g., bearish engulfing or long upper wick) near 2.1000 could provide confirmation for short entries targeting that support.
📈 Bullish Breakout Scenario
On the other hand, a decisive breakout above 2.1000 — especially with strong volume and candle close — could trigger a breakout rally. If confirmed, the next leg up may drive GBP/AUD toward 2.1250–2.1300, based on the previous swing expansion zones.
🧭 Strategic Outlook
This setup offers a clear risk-managed opportunity in either direction, ideal for breakout traders or reversal players.
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Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis.
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This setup is now at a critical juncture — with the potential for either a strong bullish breakout or a bearish reversal.
📉 Bearish Rejection Scenario
If the resistance holds once again, we may see a pullback toward the rising support line around 2.0700. This would maintain the overall sideways-to-bullish bias within the structure. A firm rejection pattern (e.g., bearish engulfing or long upper wick) near 2.1000 could provide confirmation for short entries targeting that support.
📈 Bullish Breakout Scenario
On the other hand, a decisive breakout above 2.1000 — especially with strong volume and candle close — could trigger a breakout rally. If confirmed, the next leg up may drive GBP/AUD toward 2.1250–2.1300, based on the previous swing expansion zones.
🧭 Strategic Outlook
- Sell near resistance: Target 2.0750–2.0700 with SL above 2.1020.
- Buy on breakout: Enter above 2.1010–2.1025 with targets near 2.1250.
- Confirmation required: Wait for candle confirmation (break or rejection) before acting.
This setup offers a clear risk-managed opportunity in either direction, ideal for breakout traders or reversal players.
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Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis.
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🍎 iOS App: bit.ly/TradZoo-iOS-App
🔗 Website: bit.ly/tradzoopage
📣 Telegram: t.me/tradzooIndex
📲 Android App: bit.ly/TradZooApp
📲 Forex App:tradzoo.com/forex/download
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.