Forex Signals

GBPAUD Advances in an Ending Diagonal Pattern


The GBPAUD cross, in its hourly chart, advances in a downward structure that follows the Elliott wave sequence as an ending diagonal pattern, which suggests a potential scenario of upside.

According to the textbook, the ending diagonal pattern is a structure that reflects the exhaustion of the trend, and its reversion would be imminent.


Currently, the price action advances below the lower guideline of the diagonal pattern, which warns us about the potential bearish failure continuation.

Our bullish scenario considers the long-side entry in the current area, looking for the upward move until the previous consolidation area at 1.8998. Our upward outlook considers the invalidation level at 1.87187


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By Eduardo Vargas

Eduardo Vargas is a technical analyst and independent trader based in Buenos Aires, Argentina. He is an Industrial Engineer and holds a Master in Finance degree. In 2008 began to trade Chilean stocks listed on IPSA. From 2013 started to trade CFDs on Forex, Commodities, Indices and ETFs markets. He analyses different markets combining the Elliott Wave analysis with Fibonacci tools. He provides a market mid-long-term vision.

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