- This is a Multi-Timeframe Analysis, for the other mentioned timeframes have a look at the screenshots below!
- GBPAUD is since 3 years in corrective sideways pattern
- Currently sitting at the 50% retracement of the last massive 5-wave move to the downside.
- the whole move to the upside is not impulsive and likely to break to the downside
- Today we had RSI divergence and 15min/1h Pinbar Sell signal
- afterwards an impulsive break of the rising 15min trendline occurred
- followed by an clear break of the 1H rising trendline
- if the market closes at this level we'll get a nice daily Pinbar Sell signal
- Double Top formation on 4H/daily, which do not happen to often at this timeframe, but if, it could lead to a major move
- Some kind of retest of the TL could occur, probably lining up with fibonacci retracement. After that a lower high will be formed and price is falling to finish the change of trend.
- Have a look at my AUDUSD analysis, the overall view for the AUD is very bullish, after ending a year long bearish cycle
- Also see my EURGBP Analysis with tells you that pound is going to weaken for the next weeks and maybe even longer
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