GBP/AUD - Bullish 5-0

Here we have another 5-0 pattern but this time on the 4h timeframe with GBP/AUD.

The measurements for a valid 5-0 pattern are detailed below.
B: 1.13 - 1.618
C: 1.618 - 2.24
D: 0.50

Price formed the C point at 2.0 and has started the decline towards D, keep an eye on this setup over the next couple of weeks.

I hope you all have a great day :)

Kommentera:

Missed my entry on this pair, reversal was bang on the 50% retracement level.

I'll be looking to enter this move going into a new week.