We see the formation and completion of this AB=CD harmonic pattern on the daily chart. Price action has also reached a major support zone at the completion of this pattern. We are currently long with take profits set on the green zones. FX:GBPAUD
GBPAUD is approaching the daily 200 MA at roughly 1.8040/1.8060 - This is also the 50% FIB retracement.
The pair are in a descending wedge pattern which is indicating a reversal, the RSI has also formed a descending wedge.
Entry for a buy at 1.8060 with a stop loss below the moving average at 1.7980
Target area of 1.8500 which is the 78% FIB
With all those confluences i would say that the price is going to continue reversing to the purple area, witch seems to have accumulated orders if we look left been experimenting with wicks regions and seems to have worked out great.
price is already going down corrective, so we can expect an impulse and reversal on GA. If price continue going like this down just wait for first impulse and then we can buy until first target. if price is aggressive then we can also extend this.