GBP/AUD In A Bear Market – Elliott Wave Analysis

GBP/AUD has been trading bearish since the middle of March of 2020. We labelled a top at 2.085 level, which can now be followed by a five-wave, bearish move; an impulse. We see waves 1, 2 and 3 as completed, so latest rally from the 1.768 low can be part of a corrective wave 4, within the downtrend. Resistance can be at 1.845/1.879 level.

gbpaud, daily

GBP/AUD Daily Chart

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