GBP/AUD in a Bearish Market – Elliott Wave Analysis

GBPAUD is bearish, now unfolding a five-wave decline into a higher degree wave 3, down from 2.059 level. We specifically see price in a sub-wave v of 3, therfore be aware of a temporary low and support at the 1.77/1.75 zone, where Fib. ratio of 61.8, and the lower Elliott wave channe line can slow the bears down. A rally above the upper Elliott wave channel line would suggest a higher degree wave 4 correction underway, with possible resistance at the 1.846 level, level of a former wave iv.

GBPAUD, 4h