GBP/AUD Triple-Top Resistance Test – Watch for Reversal or Break

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

• 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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