FOLLOW_UP STRUCTURE | GBPAUD

We are presently enjoying a 121 pips profit run on the last speculation on this pair ( see link below for reference purposes). See follow up structure below for your attention;

Tendency: Temporary Downtrend ( Bearish )
Structure: Harmonic | AB = CD
Observation: i. Impulse A-to-B to be in harmony with the B-to-C leg.
ii. The B- to-C leg is at 78.6% Fibonacci retracement of the A-to-B leg.
iii. Price completes correction of AB leg at 1.75000 zone to form the point C.
iv. The C-to-D leg is a 127.2% Fib. ext. of the A-to-B move which is also equal to the A-to-B leg in distance.
v. Price action rejects 1.95000 zone with the expectation of forming resistance (SUPPLY ZONE).
vi. Notice that trendline (indicated in greed dash line) has been respected since Feb. 2017.
vii. Price appears to accelerates towards Moving Averages (DEMAND zone) on lower time frames.
Trading plan: BUY with TP1 and TP2 @ 1,450pips and SL @ 0.88000/0.86000 zone.
Risk/Reward: 1/2.2
Potential Duration: 5 to 14 days

** Please note that Stop Loss is subject to individual risk appetite per trade and account size.

Watch this space for updates as price action is been monitored.


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