Daily Market Analysis

The main intraday target is 5/8 MM Level, which could be a departure point for wave (iii).

We’ve got a “Three Methods” pattern, which has been confirmed. So, bulls are likely going to test the 34 Moving Average.

We’ve got a “Shooting Star’ and a “Three Black Crows”, so the price is likely going to the lower “Window”.

Bulls faced a resistance at 1.2951, so we’ve got a “V-Top” pattern, which pushed the price to a support at 1.2774.

The main trend is still bearish. The price faced a resistance at 1.0739, so there’s a consolidation.

GBP/AUD rising inside impulse waves 3 and (3) Next buy target - 1…

GBP/USD broke resistance area Next buy target - 1…

Wave (ii) is about to end. Therefore, if a pullback from 4/8 MM Level happens, there’ll be an opportunity to have an impulse in wave (iii).

We’ve got a pullback from the lower “Window”, so there’s a bullish “Doji”, which has been confirmed .

The lower “Window” is acting as a support, so there’s a developing “Three Methods” pattern.

The last wedge was broken, so there was a bullish rally. Finally, the price faced a resistance at 1.2911, so we’ve got a “V-Top” pattern.

The upper side of the last triangle has been broken, so the price reached a resistance at 1.0739.