As we can see GBPAUD have broken its uptrend momentum with a big retracement which we could not see a potentital continuation. Interesting elliot correction wave confirmed a potential continuation of a downtrend. If we look closely, we can see an interesting movement as price level head lower. We could see price level retesting the resistance level before continuing to fall. So what are we seeing now???? I will be seeing a potential pattern forming with its price level falling to 1.8750 (strong support level) before a retest to the resistance level. Having said that, we should also keep in mind if we see a potential breakout occurring there. If we happen to see a breakout there a potential bullish movement may occur. But for now, I will stick with its bearish bias and see it potential dropping further.
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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.