$GBPAUD shows a higher high sequence from 9.26.2022 low favoring further upside. Cycle from 11.15.2022 low ended with wave (1) at 1.8275 as an impulse. Wave (2) pullback is currently in progress to correct cycle from 11.15.2022 low. Internal subdivision of wave (2) is unfolding as a zigzag Elliott Wave structure. Down from wave (1), wave ((i)) ended at 1.8139 and wave ((ii)) ended at 1.8272. Pair then extends lower in wave ((iii)) towards 1.79, wave ((iv)) ended at 1.797. Final leg wave ((v)) ended at 1.7882 which also completed wave A in higher degree. Bounce in wave B ended at 1.807 before pair extends lower again in wave C. Internal subdivision of wave C is unfolding as a 5 waves impulse.
Down from wave B, wave ((i)) ended at 1.79 and rally in wave ((ii)) ended at 1.8047. Pair then extends lower again in wave ((iii)) towards 1.776 and rally in wave ((iv)) ended at 1.7923. Pair should now do the last leg wave ((v)) lower which should also complete wave C and (2) in higher degree. Potential target lower is 100% – 123.6% Fibonacci extension of wave A. The area comes at 1.7587 – 1.768. Near term, as far as pivot at 1.807 high stays intact, expect rally to fail in 3, 7, or 11 swing for further downside.
GBPAUD 60 Minutes Elliott Wave Chart
