As with all GBP pairs, in GBPAUD i will keep an eye for a long position. In the 4h chart we may see that price reached and was rejected at both the lower and the slide parallel of a median line downsloping set and it's now in a consolidation above the lower parallel. We might see some more up and down moves during this consolidation but what i will be expecting is a breakout above it, and go long aiming the median line.
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A buy setup is forming in the lower timeframe. Price is in a correction after an impulsive upmove and what we should be waiting is a breakout above this correction to go long.
Here is why i believe a rally is coming ..