FINALLY A BREAKOUT ON GBPAUD LOOKING AT A STRONG LONGTERM BUY

This currency pair has been on my watch list, it has been consolidating for quite some years looking triangle formation on the monthly time frame and has not been making any meaningful moves. But that just changed in past couple of days.

It finally broke out of the triangle which is in the 2nd wave of the higher degree in the monthly time frame , meaning we are now looking at the most anticipated, a 3rd wave of the higher degree, which just began by the way.

NB: NEVER TRADE AGAINST THE TREND. So in the lower time frame it has completed five waves and began a retracement wave ABC, its now completed wave A, we are looking at a wave B forming then we should expect a sharp decline of wave c, hopefully at the 0.382 Fib level then a continuation of the buy after a double bottom formation. Buy entries should be expected at the beginning of the dip(at the apex) and should be held up to 2.20571 level. Happy trading Mates.

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GBPAUD earlier today spiked in what was a B WAVE and a fake breakout, then reversed to start forming a C WAVE which will be the final move of the correction and hopefully the by will continue after the C WAVE is complete. In this case Patience is everything, lets wait for it to play out and form a buy set up.