GBP/AUD Price Analysis: Monitoring for bullish structure to target 38.2% Fibo
|- GBP/AUD bulls look to the daily chart and confluence of Fibos and structure as a target.
- The bears are still in control, so there is work to do byte bulls yet.
GBP/AUD is in the hands of the bears but there are prospects of an upside correction according to the following analysis taken from a daily M-formation and managed from an hourly chart.
Daily chart
The price is taking on a demand area and has also formed a bullish M-formation.
A 38.2% Fibonacci, once the downside is done, would be expected to pull in the bid for a re-test of the M-formation's neck as a confluence.
Hourly chart
From an hourly perspective, the price needs to bottom and revert to the upside in order for bulls to take advantage of a bullish support structure.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.