GBPAUD - is the channel ready for a break ?

The GBPAUD has seen the Pound appreciate over the last 3 years , in a stepwise manner forming an uptrending channel.

There have been 5 waves already, and price now moving towards the supporting trendline , after being recently rejected by the 200 MAV .

Considering a movement where price passes below monthly S1 and the channel support

Entry - now

Stop - above 200 MAV

Target - the Monthly S4 - 782 fib of the channel.

RR = 4 ......