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Short

The $GBPAUD continues to track to the N & E targets.

FX:GBPAUD   British Pound/Australian Dollar
After trading the Pound to the short side off after the March high E-Target was identified, it went into a consolidation pattern and though it came close to the 61.8% retracement , it never closed above it. This kept the Short N-target in play.

Price has started moving away from the Tenkan-sen and I would expect to see a reversal sometime in the next two weeks before resuming lower as demand for the Aussie remains strong.

The Aussie isn't tipped to devalue any time soon and should October prove to be as psychological (and sometimes as physical) as it has ever been, it could just give the Pound that extra push to complete the two targets when investors flock to safer currencies .

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