On March 21th GBP/AUD broke two red lines, creating a signal of changing the trend to bullish. Later, the price went up under the blue neck line of a very large H&S formation. For few days we had an ellipse like consolidation. Today the price has risen above it and is currently testing the neckline. At this time it is impossible to predict the result of this test. It is known only that the neck line passes through three peaks, so breaking it would be a reliable signal to increase to about 1.84. In such a situation, you should open long position on buy options, such as those offered by easyMarkets.
An alternative scenario is a reflection from the neck line. In this case, the signal to open long position on the buy options would not occur, but the neck line would consist of no more from three but from four peaks. As a consequence, if it were later broken, the credibility of this signal would be even higher.