Long on GBP/AUD: W formation

24 thg 1, 2023

GBP/AUD made a W formation and is currently retesting the previous resistance which is now turning into support. W formations are a very common chart pattern which literally look like the letter W except the last leg of the W extends then retraces to the neckline of the W( The middle point of the W). They are very consistent and tend to follow the pattern 70% - 80% of the time. I expect GBP/AUD to go up to 1.805 before it’s retracment( -0.272 Fib Ratio). If you like this analysis + tutorial please leave a thumbs up !