TimStuyts
Long

Crucial test for GBPAUD with lots of potential

FX:GBPAUD   British Pound/Australian Dollar
70 0 3
The GBPAUD             is closing in on an important zone, I am interested in buying this pair and now I will focus on whether we see a break soon or whether we see that other leg lower first. For context read my previous post.

GBPAUD; why 1 last leg lower still possible?


On the 4 hour chart we see a clear consolidation where price is closing in on the resistance zone . We are either going to see a break-out bullish , in that case I'll wait for the consolidation before I add to my current long positions. Or we are going to see another leg lower first to complete the 11 waves, which is an extension of 3 (corrective) for a buy opportunity from lower levels.

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