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Gbpaudsetup

GBPAUD SHORT! 4HRThis is a continuation from previous Daily Idea of this pair. At the moment, price has respected and fallen short of all-time trendline and price 2.03477. Next is to watch for price to trade: -below of top of rectangle - and to trade below its current supports marked in green and orange. Upside break of trendline will have upside targets activated ie 2.10621 and 2.19188 Note: Idea is to complement your research. Check comments section for future updates on idea. Like this idea? Like, Share, Follow, and Support channel for future content. Thank you and happy trading.
Short
by legacyliked
1
GBPAUD Bears Set To Overtake After 4 Years of Correction.GBPAUD is bearish against the decline that started in August 2015. The decline can be seen as a five-wave Elliot Wave impulse structure, labeled 1-2-3-4-5. According to Elliot Wave theory, a three-wave correction follows every impulse move. In GBPAUD's case, since the completion of the decline in 2016, it has been a tug-of-war between the bulls and bears in the corrective phase. The correction is a complex one which is labeled as W-X-Y-X-Z double three corrections. Once the correction is completed the primary trend resumes. If this count is correct the correction is completed and we have a 5-3 wave cycle. We should see a massive decline in wave (C) to complete the Zigzag pattern, target below wave (A) low is plausible. Further Confluence Rejection from 61.8 Fib Rejection of monthly 200 EMA not on the chart Multiple rejections from the upper trend line A perfect flag pattern What's your thought on GBPAUD?
Short
by Veejahbee