GBP/AUD Daily Chart Analysis

GBP/AUD rejected the 78.6% Fibonacci Retracement level several times with a rising wedge ABCDE formation on the Daily Chart. Seeing a rising wedge pattern means that the price should start its downside movement, and we should be ready to capitalize on the move.

Our first target will be the 50% Fibonacci Retracement level (1.78348). Breaking this level will push GBP/AUD towards the 61.8% Fibonacci Retracement level (1.77350), and the 100% Fibonacci Retracement level which is also the bottom of the rising wedge at (1.74120).