The EURGBP currency pair has recently achieved its anticipated target, prompting traders to shift their focus towards potential opportunities in the GBPCAD and GBPAUD pairs. This development comes as no surprise to those closely monitoring the forex market, as the dynamics of these pairs often interplay.

The GBPCAD Performance 

(UPDATE) - The correction phase is almost at the end.

GBPCAD has now broken below the previous low of the corrective structure and is about to create a 2nd low which completes the structure and usually resumes the trend. According to this price action, traders usually wait for the market to push up and break above the 1st low before looking for trading opportunities to the upside and trading the next impulse phase.

The EURGBP Performance 

(UPDATE) - EURGBP has reached the target.

EURGBP completed the ascending structure and rejected the resistance zone around 0.86246 which is aligned with the 3rd high of the structure as well as the descending structure.

This price action caused the market to drop and also provided trading opportunities to the downside. At the moment the market is trading below the resistance zone around 0.85882. Traders are now waiting for a bearish continuation pattern or formation to confirm that the market will continue dropping.

Read More: The AUD Pegged Against The GBP & CHF

The GBPAUD Performance 

(UPDATE) - GBPAUD is now trading below the resistance zone.

GBPAUD's recent price action might invalidate the bullish trading setup. The market failed to bounce on the support zone around 1.93570 which was aligned with the trendline as well as the 50.0 fib level. Although the trend has not changed, traders are still bullish and are waiting for the market to reach the support zone around 1.91662 before looking for a trading opportunity to the upside.

Final Thoughts On Today’s Analysis 

In conclusion, the recent success of the EURGBP pair hitting its target serves as a valuable lesson for traders. It highlights the importance of staying informed, using technical analysis, and adapting to changing market conditions. Traders now turn their focus to GBPCAD and GBPAUD. Moreover, they should continue to apply these principles to navigate the ever-evolving forex landscape. Subscribe to our YouTube channel today to learn more.