GBPAUD anticipated last leg lower seems in progress

FX:GBPAUD   British Pound / Australian Dollar
206 0 2
A week ago, before the impulse higher for the GBPAUD             I explained why I favored a last leg lower for the GBPAUD             before we see a bullish break out. Have a look at that post for context.

If we indeed see that new low for wave 11, we not only have a corrective structure but also an extended corrective wave pattern. When price is closing in on the bottom I will update and see whether we are able to spot more confluence. In case price reverses I like to buy the break out because the major trade will be a buy trade.


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