Updated

Bears are Taking Over GBPAUD, Broken channel Suggest Weakness

GBPAUD made a sharp and strong bearish reversal lately; away from 1.7993 swing high, where a bigger three-wave A)-B)-C) correction found a top. Current reversal and break below the lower channel line is a suggestion for a change in trend. Once wave 1 fully unfolds, a new three-wave correction into wave 2 may follow with possible resistance around 1.750 price zone.

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Note

So, it's one month since we published idea, but it's moving very nice within three-wave correction in wave 2 after sharp reversal and broken channel support. Currently can be at the resistance of wave 2, but for short opportunity we need confirmation. So if gbpaud breaks below 1.7425, only then we would expect even more weakness into wave 3.

Note

GBPAUD falling very nice from projected resistance! More weakness can be in play if breaks bearish confirmation level and channel support line!

Note

On hourly chart has clear five waves down now and broken channel support line, which means that gbpaud is now bearish confirmed and we will expect even more weakness after three-wave setback. Resistance zone is between 1.7485 and 1.7585 and if from any reasongoes above 1.7715 invalidation level, then we may adjust the view!

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