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Gbpaudsetup

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
GBPAUD Analysis: Price much likely to go downHi traders, GBPAUD has been on the rise and following an ascending channel which it has respected faithfully for a long time since November 2017. It has now come to its top/resistance line. It is also at a strong horizontal resistance zone. There is a high chance that price may bounce off towards the support line of the structure. I would suggest you sell only when the price manage to break the support line of the minor channel that is within the major channel. Share your views about this pair in the comment section. If you agree with the idea to show agreement.
Short
by John_Mwaniki