GBPAUD Stopping For A Three-wave Drop - Elliott Wave Analysis

Hi traders,

GBPAUD made sharp and impulsive rally, so it must be a wave 3. Currently we are tracking a three-wave a-b-c pullback within wave 4, where we see very nice and strong support at previous wave 3) swing high, 38,2% Fibo. retracement and very important 1.8400 psychological level. That said, be aware of a bounce around projected support, while price trades above 1.8200 invalidation level.

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UPDATE: GBPAUD went slightly different as we expected, but the idea remains the same. Still points towards 1.88 or higher..

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UPDATE2: Nice bounce from projected support area! Now we should be aware of more upside for wave 5 towards 1.88 or higher.