- GBP/AUD bulls look to the daily chart and confluence of Fibos and structure as a target.
- The bears are still in control, so there is work to do byte bulls yet.
GBP/AUD is in the hands of the bears but there are prospects of an upside correction according to the following analysis taken from a daily M-formation and managed from an hourly chart.
Daily chart
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The price is taking on a demand area and has also formed a bullish M-formation.
A 38.2% Fibonacci, once the downside is done, would be expected to pull in the bid for a re-test of the M-formation’s neck as a confluence.
Hourly chart
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From an hourly perspective, the price needs to bottom and revert to the upside in order for bulls to take advantage of a bullish support structure.
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