Hi Ellioticians, GBPAUD weekly time frame suggests a big, bearish, three-wave move to the downside from the 2.71 high. We labeleld a completed impulse in A, followed by a possible completed triangle corrective pattern in wave B, at the 1.954 lvl.. This year's sharp decline, and a break below the lower triangle line is a suggestion that the triangle correction can be completed and wave C underway well below the 1.442 lvl. in years to come. That being said, a break below the 1.744 swing low will be another indication that the GBP is weakning in years to come.
The alternate scenario suggests another complex correction to be underway in red wave B.
Trade well.
The alternate scenario suggests another complex correction to be underway in red wave B.
Trade well.