Short term Elliott Wave View view in GBPAUD suggests the decline from November 23 high is unfolding as a 5 waves impulse Elliott Wave structure. Down from November 23 high, wave ((i)) ended at 1.798 and bounce in wave ((ii)) ended at 1.8248. Wave ((iii)) is now in progress with subdivision of 5 waves in lesser degree. Down from wave ((ii)) high, wave i ended at 1.8, and bounce in wave ii ended at 1.8217. Pair extended lower in wave iii towards 1.796, bounce in wave iv ended at 1.8085, and wave v ended at 1.786. The 5 waves move lower completed wave (i) of ((iii)) in higher degree.
Pair then bounced in wave (ii) and ended at 1.8048. Internal of wave (ii) unfolded as a zigzag where wave a ended at 1.8041, wave b ended at 1.7913, and wave c ended at 1.8048. Pair has resumed lower in wave (iii) as another 5 waves. Down from wave (ii) high at 1.8048, wave i ended at 1.7935 and bounce in wave ii ended at 1.8046. Wave iii ended at 1.7617, wave iv ended at 1.768, and it should end wave v of (iii) soon. Pair should then rally in wave (iv) before turning lower again in wave (v) of ((iii)). As far as pivot at 1.8217 high stays intact, expect rally to fail in 3, 7, or 11 swing for further downside.
GBP/AUD 60 Minutes Elliott Wave Chart
