GBPAUD BUY TO SELL 8H (1:27-30 R:R)

11. Aug. 2020

Fundamentally, AUD is way stronger than GBP especially after the Q2 GBP GDP data release and the way gold has been skyrocketing (Gold is one of Australia's main export). This tells us that overall GBPAUD is bearish. In terms of technical, following the huge drop that clearly correlates the price of gold (XAUUSD), I am expecting a pullback before the continuation of the down-move. GBPAUD has been accumulating and is currently at Phase C of the Wyckoff Accumulation Schematic where in the lower timeframe it should pullback before continuing to the higher timeframe pullback. I marked two points of interest which both has Institutional Candle (check 4HR and 6HR) although the higher zone (1.79500) seems to be mitigated, it might just mitigate it again as the first one is just a quick dip so we're gonna have to look at price action. No signs of divergence at the moment but it could happen as price reach to our zones. If the higher zone does not react, we will be looking at the second zone which gives a more favorable R:R and a deeper retracement (0.76-0.88 fib level). TP 1 will be 1.90000 which both entry will give us 1000+ pips with potential to go even higher. I will update when price gets close to my points of interest.