Elliott Wave Analysis: GBPAUD In A Temporary Correction; 1.860/1.870 Can Represent A Reversal!

Technical analysis of Forex market

GBPAUD looks to have found a low at the 1.853 level, from where price started to rose again. Ideally a three-wave retracement started to unfold, that can in upcoming sessions look for resistance, and a bearish turn around the 1.866/1.872 region, where various Fibonacci ratios and the former swing high are located. We are certain that a three-wave pullback is now in play, because we can count five waves from the 1.887 high, which in Elliott wave theory suggest that a three-wave contra trend reaction may follow.


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