Nataly Kambur
⬤ GBP/AUD pushed lower in early February, extending its bearish run within a clear descending channel on the 4-hour timeframe. The pair's trading near 1.95 after a sharp drop, and every bounce attempt has fizzled out before reaching prior resistance zones.
⬤ The chart shows several critical levels overhead—0.236 retracement at 1.9657 and 0.382 at 1.9750—both sitting above current price. There's an invalidation mark around 1.9777 where the Elliott Wave count would break down. GBP/AUD hasn't touched these levels, keeping the pattern of lower highs intact.
⬤ Recent rebounds have been weak and brief. The chart projects further downside from the current consolidation, pointing toward the lower channel boundary around 1.9288—that's the next target if sellers stay in control.
⬤ This setup stands out because the technical boundaries are crystal clear. With GBP/AUD capped below the 1.96–1.98 zone and under descending channel resistance, the bias remains tilted down. How price behaves near that lower channel area will determine if this decline finds support or keeps rolling.
Nataly Kambur
