The GBPAUD pair has recently broken out of a horizontal resistance level, resulting in a significant upward move. Currently, the price is following the Elliott Wave pattern, completing waves 1, 2, 3, and 4. The price has also achieved a 50% retracement and completed the 4th wave at a key support level. A buying opportunity arises after the price breaks out of the descending trendline, potentially leading to the completion of the Elliott Wave 5 on the upside.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.