13Jun

GBPAUD Elliott Wave Analysis: Daily Wave 2 Correction & 4‑Hour Wave B Retracement Ahead of Potential Forecasted Breakouts

British Pound / Australian Dollar (GBPAUD) Elliott Wave Analysis - Trading Lounge Day Chart

GBPAUD Elliott Wave Technical Analysis

FUNCTION: Counter Trend

MODE: Corrective

STRUCTURE: Navy blue wave 2

POSITION: Gray wave 3

DIRECTION NEXT HIGHER DEGREES: Navy blue wave 3

DETAILS: Navy blue wave 1 appears complete, triggering navy blue wave 2

The GBPAUD daily chart presents a classic Elliott Wave counter-trend pattern. This ongoing corrective phase—identified as navy blue wave 2—is unfolding within the broader framework of gray wave 3. It reflects a market retracement, not a continuation of the prevailing bullish or bearish momentum.

The chart confirms the end of navy blue wave 1, making way for the initiation of wave 2. This segment typically retraces part of the first wave's range, potentially forming the base for the upcoming navy blue wave 3 rally in the counter-trend direction.

Currently, GBPAUD price action remains subdued, displaying the horizontal consolidation often associated with wave 2 corrections. Technical traders should watch for patterns indicating wave 2 completion. A breakout would signal the emergence of wave 3, possibly bringing renewed directional momentum in the short to mid-term.

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British Pound / Australian Dollar (GBPAUD) Elliott Wave Analysis - Trading Lounge 4-Hour Chart

GBPAUD Elliott Wave Technical Analysis

FUNCTION: Counter Trend

MODE: Corrective

STRUCTURE: Orange wave B

POSITION: Navy blue wave 2

DIRECTION NEXT LOWER DEGREES: Orange wave C

DETAILS: Orange wave A looks completed, with wave B currently active

On the GBPAUD 4-hour chart, a shorter-term Elliott Wave corrective structure is evident. The market is now within orange wave B, nested inside the larger navy blue wave 2 correction. This suggests ongoing price consolidation rather than a trending phase.

The shift from orange wave A to B indicates a retracement zone, typical during complex corrections. Orange wave B is expected to retrace a portion of wave A before transitioning into orange wave C. That would mark the next step in the unfolding counter-trend move.

The current technical scenario anticipates more choppy price action as wave B matures. Traders should focus on identifying signs of wave B’s end. This would likely set the stage for orange wave C, which may reintroduce a clearer trend direction in GBPAUD.

Technical Analyst: Malik Awais

Source: Visit Tradinglounge.com and learn from the Experts. Join TradingLounge Here

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