The GBP/AUD has completed an XABCD bearish pattern, and has since reversed sharply to the downside. It's currently slowing down a little, and may trade back higher. We feel that the 61.8% is where we'd like to see the pair show signs of bullish exhaustion, thus allowing us to try and catch the 3rd and long wave of the new bear trend. If the pair does trend lower, we may also look for some entry point in order to catch the 5th and concluding bearish wave.
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