*Now, GBP/AUD is around 1.7350, and if the price rises to 1.7500, it will form two bearish harmonic patterns
*1) I once found a bearish cypher and end with a happy trading.Now please see the potential bearish shark in blue.This time the price need to go to XA88.6% and then shark will formed .The 88.6% of XA and 2.24-2.618 of BC constitute the bearish area, between 1.7450-1.7500
*2) An orange bearish butterfly pattern, which also points to a reversal point near 1.7500.The B of this butterfly form is around 78.6% of the previous XA , and the final inverted D point will be around 1.272 times XA or 1.618 times XA.I choose 1.272 times XA, because this is also the first shark form reversal position.
*3) if you see the weekly chart, there is also a downward trend line as resistance What is needed here is patient observation + waiting.If thepattern is formed, the first target is 1.7270 and the second target is 1.700
*It will continue to be updated
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Why the trade wasn't active? Price movements do not support.It is important to wait and observe the price behavior of the PRZ .As you san see below, there is no weak signal for the price.