Hello traders!

Today we want to share GBPAUD and GBPNZD cross pairs, in which we see a completed five-wave bearish cycle that can be followed by a three-wave A-B-C corrective pullback after a broken Elliott wave channel.

In Elliott wave theory, after every five waves, we can expect a three-wave correction before the trend resumes.

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As you can see, both GBPAUD and GBPNZD cross pairs are breaking channel resistance line, which is an indication for a completed five-wave cycle and it means that we are now in a three-wave A-B-C corrective rally before a bearish resumption.

(Click on image to enlarge)

Ideal and technical resistance is at the former wave 4, so be aware of a bigger recovery in upcoming days and once a three-wave correction fully unfolds, then we can expect a bearish continuation.

Trade well!