? GBP/AUD Bounces at 61.8% Fibonacci Support Level ?

3 min read

Hi traders,

The GBP/AUD seems to have completed a double bearish zigzag (WXY orange) as part of a potential wave B (green) correction. A bullish breakout above the resistance trend lines (orange/red) would confirm this wave pattern and outlook.


4 hour

The GBP/AUD however would invalidate this wave pattern if price manages to break below the 100% Fibonacci retracement level. In that case there is a better chance of a downtrend continuation.


The GBP/AUD could be completing a bullish ABC zigzag pattern (green). Price seems to be making a bullish bounce at the 61.8% Fibonacci level of wave B vs A. A break below those Fibs could indicate a different wave count.


The GBP/AUD seems to be building a bullish correction within waves Y.

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Good trading,
Chris Svorcik
Elite CurrenSea

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