Last week GBPAUD stopped at 2.0310 resistance. The correction lasted for two days and it didn’t even reach 23.6% of Fibonacci retracement. Today the bulls have returned. After the price has tested support at 2.0000 GBPAUD rebounded and it has gained more than 100 pips.

We can’t say for sure if this correction has already finished. When the price moves above last week’s high that will be the only confirmation. GBPAUD is forming the simple ABCD correction this is likely scenario for now. According to this, the price should return to decline which will finish below point B.

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Time-frame H4

GBPAUD-H4

Time-frame D1

GBPAUD-D1

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