FX:GBPAUD British Pound/Australian Dollar
After bouncing off the .5 fib ext 3 times, GBPAUD finally dropped over 200 pips early Friday. Hopefully some of you were able to catch the drop. Based on the fact that the 8 crossed the 34 already, I expect more downside to continue on this pair. has also crossed for more confirmation. It continues to make lower highs and lower lows, and this may push the pair down to the PRZ around the 2.0230 level. Watch the reaction to the price around the 38.2% ext to look for an opportunity to join the downtrend. TP and SL shown on the chart. With its correlated pair AUDUSD on the verge of a huge Wave C up, this could send this pair even farther down than the target on the chart, to the weekly target of 1.99 level.