Bears taking over GBP/AUD

Gregor Horvat Wavetraders

Hello traders,

GBPAUD is in a bearish five-wave move, down from 2.08 high. We specifically see price ending a possible fourth wave correction near the 1.86 level, where former swing low, and Fib. ratio of 38.2 sit. That said, a new impulsive (five-wave) decline will confirm a completed wave 4, and wave 5 to be underway, ideally targeting the 1.72/1.70 support region.

GBP/AUD, daily

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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