GBPAUD - Head & Shoulders Follow Up

From the previous post, we find a strong resistance at 1.8182 with a small double top formation set in place followed by a bearish renko block opening. Therefore, we can assume that the retracement is complete, which coincides with the neckline (left side).

GBPAUD - Renko, Head & Shoulders Continuation

There are a couple of price levels to bear in mind.

• The H&S target comes to 1.7642, which makes it the first target.
• The retracement which we saw from 1.775 gives a further downside target to 1.7462 if 1.775 is broken and confirmed with a bearish renko block printed.

For now, continue to hold on to the shorts.