after gbpusd broken the pressure zone last week before market close, i think that it will continue in uptrend channel until it touches the Demand zone and returns back to Support level that it left that Gap behind last week.
Updated idea of my previous analysis about eurusd that didn’t gone well. Btw because of the strength of the down trend the B wave extended into double zigzag and now I’m waiting to the market to perform running flat as the down trend is strong but if the zone is broken it will perform expanded flat as well.
GBPAUD is building their start point to complete wave 3 and reach their destination to complete the cycle. Also we can see it moves in a downside parallel channel. And after it touched that strong supply zone its time to complete their bearish trend.
Simply if you understand Elliott waves and read them you’ll see Wave A is a flat and wave B is Zigzag and as usual wave C is an impulse. the pattern is finishing their job and the trend resumes his way down.
Check out my previous idea about gold that developing impulse wave i believe that this is a Triangle and the breakout doesn't count as direction for larger trend as R.N.Elliott Described E wave in "Wave Principle' that wave e is often will be Below or Above his destination
because wave 2 is Sharp Correction(Zigzag) then Wave 4 must be Sideway Correction and that zone that I put wave 5 in it it's so strong that I believe wave 5 can't reach his destination and check my next idea that i believe this impulse is the wave E in triangle Pattern
Because the first wave A started with a 3-3-5(flat) correction then wave B must be 5-3-5(ZigZag) correction and therefore A is 3, B also 3 and usually C is 5 then its 3-3-5 flat Correction but still i don't if its (regular, expanded or running)Flat