GBPAUD Minor Forex Pair

The GBPAUD forex pair has bounced off a daily demand zone, resulting in an aggressive bullish impulse. Although the significant movement occurred yesterday, it broke a lower high structure, and the price is now in a corrective phase. I have identified the nearest daily supply area, and I am looking for a breakout of this correction, which would allow the price to either surpass the daily supply area or face a rejection.

I See an Opportunity on the 2-Hour Chart

The GBPAUD forex pair has bounced off a daily demand zone, resulting in an aggressive bullish impulse. Although the significant movement occurred yesterday, it broke a lower high structure, and the price is now in a corrective phase. I have identified the nearest daily supply area, and I am looking for a breakout of this correction, which would allow the price to either surpass the daily supply area or face a rejection. Looking at the 2-hour chart, the bullish impulse is more clearly visible. The price has broken out of the trendline, retested it, and then experienced a strong bullish movement. Currently, the price is forming an ABC correction. As I write this, the ABC correction is in the C phase, and I want to see a 2-hour bullish candle close above the ABC correction trendline for confirmation to enter a trade. If this occurs today, which I anticipate will happen when the US session opens, I will open a buy position with the target set at the aforementioned daily supply area. Additionally, there is a nice round number there (2.00000).

Let's keep an eye on this, and I will provide an update when there are further developments.