Bearish view on the GBPAUD below 1.8500

It looks like the GBPAUD ended a five-wave rally yesterday at 1.8493, which should be followed by at least a three wave correction that could take prices to 1.8193 and 1.8000. In addition to the wave-count, there is a clear negative divergence between prices and RSI that confirm our view. A break above 1.8500 will negate this count.

Trade closed: stop reached:

As we can see, the pair had not yet finished its advance and we were still trading in a complex correction at the time of the idea. The GBPAUD broke above the 1.8500 resistance in what should be the last leg higher before a down move. We will keep an eye on it to see where is the ideal point of re-entry