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GBP/AUD Lower; Patience Needed

GBP/AUD Lower; Patience Needed

GBP/AUD is lower, so obviously market is not making a triangle here, but that doesn’t mean that pair is bearish. For now, we still see good possibility for wave B correction, but with a deeper A-B-C retracement that is now trading close to important support zone. An impulsive bounce from here and back to 2.0700 would be a nice and important indication for higher prices into wave C. So for now, we suggest to be patient. Decline beneath Jan 04 will invalidate the wave count.

GBP/AUD, 1H

GBP/AUD Hourly Chart

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