GBP/AUD Price Analysis: Last show of bull's commitments at the 61.8% Fibo?

GBP/AUD has extended in an upside correction deep into resistance territory.
A downside continuation from the W-formation's neckline could be on the cards.

Ross J Burland FXStreet

Further to the prior analysis, GBP/AUD Price Analysis: Bears in control and seek break of 4-hour support structure, the bulls managed to escape the grip of the bears.

The price extended in the correction to a 61.8% Fibonacci retracement where resistance would now be expected to finally hold off the bulls.

The following is a top-down analysis that offers a case for both the bulls and the bears, with a bias leaning towards the bears.

Monthly chart

Weekly chart

Alternatively...

The market could continue to melt in a bearish extension following the recent retracement.

Daily chart

Downside continuation...

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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