GBPAUD, Double-Top And Ascending-Wedge, Ready For A Markdown!

Hello,

Welcome to this analysis about GBPAUD, we are looking at the 4-hour timeframe perspectives. As I discovered GBPAUD is forming some serious developments that are likely indicating a main reversal in the structure. When looking at my chart now we can watch there how GBPAUD firstly formed this main ascending-wedge-formation with the coherent wave-count in the formation about to complete with the final wave E that moved directly into a strong weekly-resistance-zone GBPAUD has in the higher timeframes from where it already pulled back severely and now also formed this double-top-formation in the structure. Both the ascending-wedge and the double-top are formations that indicate a bearish reversal which is also likely to happen here. The reversal will be finally confirmed when GBPAUD crosses below the lower boundary and closes there as it is marked in my chart, such a breakout will activate the lower target-zones with the initial target-zone firstly, after this is reached potentially in the structure it has to be elevated how GBPAUD reacts into it there, when GBPAUD moves highly bearishly into this zone it is likely that protraction of bearish pressure follows that also reaches the middle-term-target-zone. For now, it is necessary to keep patient and elevate how the formation is finally completed moving forward under the suggested conditions, it will be an important and interesting development.

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Information provided is only educational and should not be used to take action in the market.