GBPAUD is coming much lower this week as Aussie remains strong across the board following the sticky inflation figures reported earlier this week. Looking at the price action on GBPAUD, notice that we are still somehow trapped in a very big range, but usually when we see price chopping around like this, it's a correction, meaning that sooner or later weakness could resume within the higher-degree trend, which has clearly been bearish since the beginning of this year. Looking at the subdivisions since March, we are observing a potential A-B-C-D-E triangle. The pattern still looks incomplete, but after a potential rebound from around 1.8787 support, there could be some interesting opportunities on the downside to catch wave C lower, while the market trades below 1.9400 resistance.
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