- GBP/AUD drops on the back of strong Aussie jobs data.
- Bulls seeking a correction of bearish impulse.
As per the prior analysis, GBP/AUD Price Analysis: Bulls on the stampede towards daily structure, the price had indeed moved to the daily structure.
Prior analysis
”…There are opportunities to the upside in a correction of the latest daily bearish leg.
Daily chart
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The price is stalling on the daily time frame which gives rise to a Fibonacci retracement that meets prior lows between the 61.8% and the 50% mean-reversion targets.
30-min chart
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The bulls can be engaged towards the daily target from within the bullish territory amplified with the parting of the 10 and 21 SMAs.
Live market, 30 min-chart
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As can be seen, the price moved to target but has since been rejected by the daily supply zone.
Meanwhile, the price has melted on a strong jobs report from Australia but there are prospects of a correction to test old support/
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