[GBPAUD] Weekly & Daily Analysis

From a technical point of view, on a weekly chart the trend is still bearish , and this means that in the medium term, you have to look for some SELL OPPORTUNITY, said that, the main resistance is 1.9481 (Top), as long as the pair remains below this level, a deep bearish leg is possible (wave C) with bottom formation again, if wave B is not yet finished, the pair could trigger a fast rally and reach the resistance area shown on the chart, before developing a shorter bearish leg . In conclusion, selling the pair with stop loss above previous Top will be our driver for the next 1-2 weeks. Having said that, we will also be looking for some support on daily and intraday time frames.

If our weekly analysis is correct, on the daily chart the pair may have completed the corrective ABC structure, and from a technical point of view it should trigger a bearish impulsive structure. At the same time, we cannot yet rule out a consolidation ( bullish ), but if this happens, it should be considered the best SELL OPPORTUNITY (R/R ratio). We will also try to follow the pair on an intraday chart, looking for some clear setup.

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