GBPAUD Showing Evidence of a Bearish Resumption – Elliott wave analysis

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Hello traders,

On the weekly chart of GBPAUD we see price declining sharply down from 2.08 high, after a very long but choppy upward movement that was in play for almost 4 years. Price is breaking below the lower corrective channel line which is evidence that further weakness may be seen, espeically as drop is unfolding impulsively. So when looking at a daily chart we expect to see a five wave drop, but that's not the case yet, so more weakness may come after short-term rally up in wave 4 that can stop at 1.846 or maybe even at 1.87/1.88 resistance area.

GBPAUD, weekly


GBPAUD, daily


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